Starbucks to close Teavana stores

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Neither that venture nor Teavana – which focussed on tea rather than coffee - grew as fast as the company had hoped.

Most locations of Teavana, which sells more than 100 varieties of tea, will be shut down by spring 2018. In New York, that includes locations at 1291 Lexington Avenue on the Upper East Side, 2261 Broadway on the Upper West Side and 9015 Queens Boulevard in Elmhurst, Queens, the Commercial Observer reported. While Teavana products are now for sale in every Starbucks cafe, including fruit-infused iced teas, the company announced this week that it will be closing the remaining Teavana retail stores over the coming year.

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A recently released third-quarter report from the brand indicates that numerous company's mall-based Teavana retail stores have been "persistently underperforming".

In what is seen by analysts as another course correction, the company said it is closing all 379 Teavana locations, affecting 3,300 employees.

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Starbucks said it is focusing efforts on Mainland China where it plans to acquire 50 percent of Starbucks Shanghai Coffee Corp. from Uni-President Enterprises Corp.in China.

Starbucks made its disclosure during its third-quarter earnings announcement Thursday.

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Adjusting to that new reality involves bringing Starbucks products outside its stores and into supermarkets, convenience stores, and wherever else people buy groceries. Future stores opening in the country will be as well, the company said. Global comparable store sales increased 4 percent and Americas' sales 5 percent, Starbucks said. The company said its sales growth was lower than what analysts expected. The Motley Fool owns shares of and recommends Starbucks.

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