Starbucks Closes 600 Stores. Will US Economy Survive?
Today Starbucks has officially issued a list of the 600 stores it will close in the coming months. Nationally, the state with the most Starbucks to close is California with 88, followed by Florida with 59, Texas with 57 and New York with 39.
A quick look at the list of stores reveals that only 5 New York City locations will be shuttered. In fact, I’m seeing new Starbucks being built in the vicinity of my work at 27th and 7th Avenue. In this area there is literally 1 Starbucks every 2 blocks. New York Baristas and those concerned about their morning coffee fix have little to fear. What the rest of the US will do is anybody’s guess.
Here is a breakdown of closures by state (after the jump).
STORE CLOSURES
BY STATE
Alabama: 12
Arkansas: 8
Arizona: 1
California: 88
Colorado: 9
Connecticut: 5
District Of Columbia: 1
Delaware: 1
Florida: 59
Georgia: 13
Hawaii: 5
Iowa: 7
Idaho: 2
Illinois: 25
Indiana: 23
Kansas: 3
Kentucky: 6
Louisiana: 13
Massachusetts: 7
Maryland: 12
Maine: 2
Michigan: 18
Minnesota: 27
Missouri: 17
Mississippi: 7
North Carolina: 10
North Dakota: 4
Nebraska: 7
New Hampshire: 1
New Jersey: 5
New Mexico: 4
Nevada: 18
New York: 39
Ohio: 9
Oklahoma: 15
Oregon: 6
Pennsylvania: 21
South Carolina: 1
Tennessee: 13
Texas: 57
Utah: 4
Virginia: 5
Washington: 19
Wisconsin: 6
West Virginia: 1
July 18th, 2008 at
What is interesting is the number of stores closings in close proximity to the former headquarters of Bear Stearns.
The Bear Stearns building is located on Madison Avenue, between 47th and 46th. Of the 6 Manhattan store closings (one is mysteriously listed as Manhattan, NY rather than New York, NY), 3 are within 2 blocks of that building. Said another way, half of all of Manhattan’s Starbucks closing are directly related to the Bear Stearns implosion.
Yikes!
July 18th, 2008 at
Almost all the stores closing are “built-in-2006″ stores, a few here and there are earlier built.
Fun little fact: Mr. Schultz made it so there is no Starbucks in East/South Hampton, because his summer home is located out there. Talk about not wanting to be near work on break!
July 18th, 2008 at
It’s well known that Jimmy Cayne drank two gallons of Starbucks a day. Now, billions poorer, he subsists on a poor diet of homegrown mate. Sometimes the leaves get so dry, he has to smoke them.