The coronavirus pandemic was sure to shake up a few business models with social distancing and lockdown restrictions. Now, Starbucks is finding that out with its latest announcement of up to 400 stores shutting its doors in the next year and a half.
“This repositioning will include the closure of up to 400 company-operated stores over the next 18 months in conjunction with the opening, over time, of a greater number of new, repositioned stores in different locations and with innovative store formats,” the company wrote in its filing.
Starbucks will now turn its attention to on-the-go sales, particularly in major metropolitan areas where the hustle and bustle of city life means less time to plop down at a coffeehouse and tap away on a keyboard for hours on end.
“We were already thinking about what does that future state look like in those metro areas?” a Starbucks spokesperson said, according to a CNN report. “Covid-19 has actually allowed us to accelerate the plans we already had on the books.”
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