Stores closing: Up to 200 over the next two years
The iconic Seattle-based company continues to restructure it’s Canadian operations with the announcement that it will close 100 stores across Canada. That’s that’s in addition to the announcement made June 2020 to implement a two-year plan that would shutter up to 200 coffee shops.
The company had anticipated a much more costly and prolonged process of closing stores however this seems to have not been the case. Landlord’s anxious to backfill prime retail locations and the overwhelming uncertainty in the Canadian retail market is likely to have facilitated process.
While this is not great news, Starbucks is planning the opening of 850 new stores at the same time, so there will be a net gain of 50 new stores in North America next year but it’s not clear as to how many of those will be located in Canada.
With fewer people working in urban centers, the company is responding by setting up more stores in the suburbs.
Posted by Jeff Hopper – National Realty