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The tea party is over: Starbucks to close all Teavana locations
29 July 2017, 12:31 | Vickie Mathis
Starbucks closing all 379 Teavana stores
While Teavana products are now for sale in every Starbucks cafe, including fruit-infused iced teas, the company announced this week that it will be closing the remaining Teavana retail stores over the coming year. Starbucks says that, despite its efforts to drive traffic through creative merchandising and new store designs, it's not optimistic that the troubling trend will reverse itself.
In the wake of a weak sales report, Starbucks announced it will be closing all of its 379 Teavana stores.
Starbucks' U.S. business - already suffering from heightened competition from meal kit sellers and convenience stores - has seen membership growth slow down due to changes made in its loyalty rewards program a year ago, analysts said.
In its Asia unit, Starbucks' sales rose just 1 percent at established locations during the three-month period. The company operates more than 25,000 locations, including standalone stores and retail outlets inside larger stores.
Teavana had stores in the U.S., Mexico, Canada, Puerto Rico, and the Middle East, the Journal reported. "Starbucks' growth potential in China is unparalleled", said Johnson.
Teavana's announcement is the latest in a wave of store closings inside American malls.
The company said it will close most of its locations by spring 2018. In the USA, sales rose 5 percent at established locations.
Facing tepid growth in the U.S. market, Starbucks has announced it will step away from its flagship tea business, and shift focus to China. Starbucks said it plans to be operating 5,000 stores in China by 2021.
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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