Starbucks to close all Teavana stores, including location in White Oaks Mall

Starbucks in China
Starbucks in China
Author

29 July, 2017

Starbucks announced this week it was closing all 379 of its Teavana locations over the coming year.

The company said it "concluded that despite efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue".

It was nearly five years ago that Starbucks paid $620 million to acquire mall tea chain Teavana, politely declining the $800 million tea tin upsell.

Among its 379 stores, Teavana has several locations throughout North Texas, including one in Plano's Shops at Willow Bend and another in Frisco's Stonebriar Centre.

Starbucks had also opened a few standalone Teavana-branded tea bars, but ended the experiment by converting these businesses into Starbucks cafes or closing them. "Starbucks' growth potential in China is unparalleled", said Johnson.

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That makes it the operator of all Starbucks stores in mainland China, which it says is a fast-growing market. And its tea business has grown 40% in the five years since it launched Teavana in the U.S.

Most locations will be shut down by next spring, CNN reported.

Starbucks acquired the mall-based chain in late 2012, with then-CEO Howard Schultz noting the huge potential for the tea market. Dunkin' Donuts said earlier in the day that customer traffic fell again at its established US locations. Earlier on Thursday, the company also announced that it would be spending $1.3 billion to purchase the remaining 50% of its joint venture business in China, according to a Chicago Tribune report. Starbucks stock fell 5.6 percent on the announcement.

Starbucks expects to sell over $1.6 billion of Teavana-branded handcrafted beverages through Starbucks stores around the world this year.


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