Starbucks to close down all Teavana locations, impacting 3,300 jobs

[the game]

This is too bad. I really like Teavana

The Starbucks-owned Teavana brand is closing down all its storefronts, in what is the latest blow to struggling American malls.
Starbucks (SBUX) announced on Thursday that all 379 Teavana stores -- which are primarily based in malls across the country -- have been "underperforming." The move will impact 3,300 workers.
"The company concluded that despite efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue," Starbucks said in a press release.
Most locations will shut down by Spring 2018, Starbucks said, and people employed at Teavana locations will be invited to apply for jobs at Starbucks locations in order to preserve their jobs.
The coffee giant first announced plans to purchase the struggling tea retailer Teavana in 2012 for $620 million.
Teavana's announcement is the latest in a wave of store closings inside American malls. Retailers from JCPenney (JCP) to GameStop (GME) have announced plans to shut down brick-and-mortar locations as they struggle to keep pace with e-commerce sites. There were 5,300 store closing announcements in the first six months of the year, triple the number during the same period last year, according to an analysis by Fung Global Retail & Technology.
Between 20% and 25% of American malls will close within five years, Credit Suisse said in a report released last month.
Despite the Teavana closures, Starbucks again said it's expanding rapidly, with plans to add 240,000 jobs globally over the next five years. However, most of that growth is taking place overseas, particularly in China.
Starbucks said earlier on Thursday that it plans to make another major investment in China.
Currently, Starbucks shops are popping up at a rate of one-per-day.

http://money.cnn.com/2017/07/27/inve...cks/index.html

[Omega10]

The main thing I take from this is that Malls are going away. This is sort of the standard way that progress happens. It will be interesting (I hope it is good interesting rather than bad interesting) to see what replaces them.

[the game]

The main thing I take from this is that Malls are going away. This is sort of the standard way that progress happens. It will be interesting (I hope it is good interesting rather than bad interesting) to see what replaces them.

I believe it's outlet stores that is replacing them. I notice that most of the towns around me are investing more in down town areas for commerce and stuff. Hell the mall in my town has been basically useless for about 15 years. All that's in it is a clothing store, a mexican restaurant, and a GNC.

[unbound]

The main thing I take from this is that Malls are going away. This is sort of the standard way that progress happens. It will be interesting (I hope it is good interesting rather than bad interesting) to see what replaces them.

I would agree...the main issue is that malls are failing. Which is to be expected as wealth inequality continues to grow.

Interestingly, Victor Gruen, the architect who designed the first mall, actually conceived malls to basically be complete communities to reduce people from driving all over. So the originally conception would have included housing, libraries, post offices, schools, day cares, and work spaces.

[Toogoodman]

The problem with malls is that they're overbuilt, there are way to many of them. The larger, quality malls are doing just fine, we have a place called the Natick Collection in MA that have something like 145 stores, from H&M to Gucci, it even has a wegmans grocery store in it, high end condos, and an athletic club. The other malls in the area are doing quite grim, there are probably 10 malls within a 20 mile radius of the Natick collection that have half of their stores empty. People want to go to one massive location, that has literally everything, or just online shop. Places like this will always be open, New Egg basically dominates the computer parts market, and it drove CompUSA out of business, but MicroCenters are doing quite well, because they have so many computer components. Its all about quality, not quantity!

[Allybeboba]

In America we have been saturated by shopping malls. Before 2007 over 125 were being built every year. Now they are closing due to this saturation.

[jcf190]

Most malls were built to fail to begin with:

[the game]

The problem with malls is that they're overbuilt, there are way to many of them. The larger, quality malls are doing just fine, we have a place called the Natick Collection in MA that have something like 145 stores, from H&M to Gucci, it even has a wegmans grocery store in it, high end condos, and an athletic club. The other malls in the area are doing quite grim, there are probably 10 malls within a 20 mile radius of the Natick collection that have half of their stores empty. People want to go to one massive location, that has literally everything, or just online shop. Places like this will always be open, New Egg basically dominates the computer parts market, and it drove CompUSA out of business, but MicroCenters are doing quite well, because they have so many computer components. Its all about quality, not quantity!

Microcenter is one of my favorite stores to goto.

[Realitytrembles]

The problem with malls is that they're overbuilt, there are way to many of them. The larger, quality malls are doing just fine, we have a place called the Natick Collection in MA that have something like 145 stores, from H&M to Gucci, it even has a wegmans grocery store in it, high end condos, and an athletic club. The other malls in the area are doing quite grim, there are probably 10 malls within a 20 mile radius of the Natick collection that have half of their stores empty. People want to go to one massive location, that has literally everything, or just online shop. Places like this will always be open, New Egg basically dominates the computer parts market, and it drove CompUSA out of business, but MicroCenters are doing quite well, because they have so many computer components. Its all about quality, not quantity!

Indeed. The large, high-end malls are doing just fine and will be around for awhile, I think. In the Memphis area, the Oak Court Mall and the Wolfchase Galleria are packed all the time.

[Toogoodman]

Indeed. The large, high-end malls are doing just fine and will be around for awhile, I think. In the Memphis area, the Oak Court Mall and the Wolfchase Galleria are packed all the time.

I know our high end malls: The Natick Collections and the Boston Galleria are doing quite well, even a third slightly lower end mall is doing good because its location (right in the rich suburbs outside the city). However, if you drive around, there are literally massive malls in the middle of nowhere, not supported by a population center at all, its actually insane, and very over saturated.

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Microcenter is one of my favorite stores to goto.

MicroCenter is literally the best store ever

[the game]

I know our high end malls: The Natick Collections and the Boston Galleria are doing quite well, even a third slightly lower end mall is doing good because its location (right in the rich suburbs outside the city). However, if you drive around, there are literally massive malls in the middle of nowhere, not supported by a population center at all, its actually insane, and very over saturated.

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MicroCenter is literally the best store ever

Polaris mall down in Columbus, OH was doing well last time I was down there.

[Azadina]

Is this Trump bringing back jobs?

[Jeezy911]

The only thing I miss about Malls are the Arcades. Waiting in line to play MK3 against a guy who knew all the fatalities and combos pre internet was a thing of Beauty.

[Toogoodman]

Is this Trump bringing back jobs?

Nice troll post, businesses close and open new spin offs all the time, this is nothing new. To be honest, i never saw anyone in the Teavanna shops anyways, high end boutique tea lol, and the store smelled awful.

[Omega10]

The problem with malls is that they're overbuilt, there are way to many of them. The larger, quality malls are doing just fine, we have a place called the Natick Collection in MA that have something like 145 stores, from H&M to Gucci, it even has a wegmans grocery store in it, high end condos, and an athletic club. The other malls in the area are doing quite grim, there are probably 10 malls within a 20 mile radius of the Natick collection that have half of their stores empty. People want to go to one massive location, that has literally everything, or just online shop. Places like this will always be open, New Egg basically dominates the computer parts market, and it drove CompUSA out of business, but MicroCenters are doing quite well, because they have so many computer components. Its all about quality, not quantity!

So I would interpret this to mean that this is just the way markets evolve. Malls will continue to close down, and the ones remaining will be the ones that best meet the needs of its customers. The closing down of the others will be fine as long as they close down over a period of time and get replaced with ... well with anything. Outlet stores would replace some of them, who knows what will replace the others.

This almost sounds like a good thing

[GennGreymane]

Malls are not doing so hot right now. Too expensive, crowded, and the bad malls tend to get no customers due to them being bad malls.

There are 2 near me. I live near one thats trying to build itself back up and its working to an extent. Still not great and I would rather drive 20 minutes to the better mall. The entire town is basically a giant shopping and commercial/office center.

[Azadina]

Nice troll post, businesses close and open new spin offs all the time, this is nothing new. To be honest, i never saw anyone in the Teavanna shops anyways, high end boutique tea lol, and the store smelled awful.

It was legitimate question. I distinctly remember him saying something along those lines, and this looks alot like the opposite instead.

On another note, perhaps you should re-read the rules concerning on how the word "troll" can, and can't be used.

[Toogoodman]

It was legitimate question. I distinctly remember him saying something along those lines, and this looks alot like the opposite instead.

On another note, perhaps you should re-read the rules concerning on how the word "troll" can, and can't be used.

Employers added an impressive 222,000 jobs in June: https://www.nytimes.com/2017/07/07/b...t.html?mcubz=0

Job growth is cyclical, just because one company is closing isnt any indication of job growth.

Trolling: make a deliberately offensive or provocative online post with the aim of upsetting someone or eliciting an angry response from them

Seems im right in both cases, thanks!

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So I would interpret this to mean that this is just the way markets evolve. Malls will continue to close down, and the ones remaining will be the ones that best meet the needs of its customers. The closing down of the others will be fine as long as they close down over a period of time and get replaced with ... well with anything. Outlet stores would replace some of them, who knows what will replace the others.

This almost sounds like a good thing

It is a good thing! Most of the malls in the US are just money eating shells with no retail business in them, take them down and build housing.

[Azadina]

Employers added an impressive 222,000 jobs in June: https://www.nytimes.com/2017/07/07/b...t.html?mcubz=0

Job growth is cyclical, just because one company is closing isnt any indication of job growth.

Trolling: make a deliberately offensive or provocative online post with the aim of upsetting someone or eliciting an angry response from them

Seems im right in both cases, thanks!

I also seem to remember Trump and his lackeys railing against PC the entire time, or do I happen to remember wrong all of a sudden? It is quite simply not possible for me to fill any of those criteria, when the anti-pc crowd (sure does include you btw) rails against words being any of that. Unless you wish to admit that the anti-pc crowd is the biggest group of offended snowflakes around.

Which will it be then, shoot down your agenda, or blow your own cover? Either is fine with me, when you've talked yourself into that choice.

[ItachiZaku]

I've liked the Teavana stuffs from the local starbucks.