"Starbucks could close five more New York City stores, continuing a surprise purge that began in the fall - and Beijing-based rival Luckin Coffee is eyeing the already abandoned digs, The Post has learned. The additional Starbucks closures are expected early next year, said James Famularo, president of Meridian Retail Leasing, which mostly represents landlords. Another real estate source who is familiar with Starbucks' plans and did not want to be identified said five stores could close due to leases not being renewed."
"Luckin, which sells drinks that are about 30% cheaper than Starbucks', trampled the Seattle-based chain when it tried to establish a foothold in Asia. The Chinese chain operates smaller cafes from 700 to 1,000 square feet that require customers to order ahead of time. Starbucks is investing in locations where customers can linger - a nod to its roots when its cafes were places where people brought their laptops to work or socialized with friends."
Starbucks abruptly closed 34 New York City locations on Sept. 25 after six consecutive quarters of declining sales. Another five stores could close early next year as leases are not renewed, according to real estate sources. Luckin Coffee has opened nine NYC stores in seven months and is evaluating numerous former Starbucks sites and smaller to-go spaces. Luckin operates more than 26,000 stores worldwide and sells drinks roughly 30% cheaper than Starbucks. The Chinese chain favors 700–1,000 square-foot cafes with order-ahead models. Starbucks is investing in larger locations where customers can linger, reflecting its strategy to promote in-store dwell time.
Read at New York Post
Unable to calculate read time
Collection
[
|
...
]