Good bye $4 Coffee
 

Starbucks closures heaviest in Calif, Fla, Texas

LOS ANGELES (Reuters) - California, Florida and Texas, the U.S. states with the most Starbucks Corp (SBUX.O: Quote, Profile, Research) stores, will see the most shuttered as the coffee chain axes more than 600 underperforming outlets in the coming year.

Starbucks is closing 88 locations in California, a loss of 5 percent based on store counts as of the end of March.

According to a list of store closures released on Thursday, Florida will lose 59 stores, or nearly 14 percent of overall outlets, while the coffee seller's move to shutter 57 Texas locations will lower store counts there by 11 percent.

The company, which expanded so aggressively that it is not uncommon to have two stores within view of each other, previously said 70 percent of the targeted stores were opened since its fiscal year that started October 2005 and that many were in close proximity to another outlet.

Starbucks CEO Howard Schultz had said that company's move into up-and-coming real estate markets had hurt the company as rising foreclosures left customers with less money to spend.

California, Florida and Nevada, where 18 stores will be shut, are among the states with the highest rates of foreclosure.

"Texas is probably overstored," independent restaurant consultant Dean Haskell said.

But it's not just the slumping markets that are losing stores.

http://uk.reuters.com/article/consum...40970220080718

I'm not a fan of Starbucks - I stick with Diet Coke - but after a long couple of flights today, I tried to hit the Starbucks at LAX for a cup of coffee before heading home... no such luck. A new coffee shop was in its place.

I don't understand the thread title, or the generalization that starbucks has somehow managed to charge $4 for a cup of coffee (when their largest size drip coffee is more like $2.25, very much in line with their competitors). As for the specialty espresso beverages, please tell me which shops sell those for cheaper, and where you can get a 24oz cup of decent coffee for under $2.25 that isn't a gas station...

There are 46 within 5 miles of me.

I have a feeling they won't be missed too much.

I was kidding man...
:disgust

Damn...

I did see a fucking TON of Starbucks when in CA.!

Guess you must live in the cross hairs of all of them. Hopefully the celebs will not be too upset. :winkwink:

I just went to a grand opening for one a few weeks back and know of at least one other in construction right now.

I have a starbucks employee sleeping on one of my couches right now. They all call it "Fourbucks" because everything costs 4 bucks. :2 cents:

Maybe I reacted a bit harsh :(

the only things that cost $4 there are the extra large extra fancy drinks but those cost that much at any other coffee shop too :2 cents:

It is an exaggeration or they work at a non-company store.

I don't like coffee anyway. :))))

get your own machine problem solved :)

I dont like their coffee. It tastes like its burned or something.

We hardly had any stores, here in Miami, about two years ago. In the last year, two new stores have oppened near me. One in the city I live in, and another by where I work.

None of the stores are near each other. Hopefully they won't close down. The one by my home, has become the night spot, it's the biggest atraction. The one by where I work is a ghost town except, from 9 to 5, and that store cost allot of money to build out.

I just got clarification since he woke up. $4 are the fancier coffees like lattes.