The Onion once joked, “New Starbucks Opens In Rest Room Of Existing Starbucks,” and it seemed like you couldn’t walk down a city street without seeing that familiar logo. Now the chain is closing stores by the hundreds.
In September, CEO Brian Niccol announced Starbucks would close 187 stores as part of a $1 billion restructuring plan. But the closures more than doubled that number, as Starbucks has now shuttered roughly 400 stores nationwide, including 42 locations in New York and more than 20 locations in Los Angeles.
Niccol, hired last year from Chipotle, is abandoning the city saturation strategy that backfired amid competition from niche coffee shops, remote work and rising costs. Its new destination: suburban drive-throughs where rent and labor are cheaper.
Read more
The Onion once joked, “New Starbucks Opens In Rest Room Of Existing Starbucks,” and it seemed like you couldn’t walk down a city street without seeing that familiar logo. Now the chain is closing stores by the hundreds.
In September, CEO Brian Niccol announced Starbucks would close 187 stores as part of a $1 billion restructuring plan. But the closures more than doubled that number, as Starbucks has now shuttered roughly 400 stores nationwide, including 42 locations in New York and more than 20 locations in Los Angeles.
Niccol, hired last year from Chipotle, is abandoning the city saturation strategy that backfired amid competition from niche coffee shops, remote work and rising costs. Its new destination: suburban drive-throughs where rent and labor are cheaper.
Read more
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