Starbucks announced plans to close, renovate, or move 400 traditional cafes in the U.S. and Canada in the next 18 months. For every store that is closed, at least one alternative location will open. The company said it aims to open 40 to 50 pickup-only stores in the next year-and-a-half., according to the Wall Street Journal.
- Revenue declines: The company said it expects to lose more than $3 billion in revenue in its fiscal third quarter… About 80% of sales at U.S. company-owned stores are takeout, and Starbucks expects that portion to grow as the pandemic changes commutes and routines.
- Worth Noting: The coffee giant owns about 10,000 stores in its Americas division, which includes the U.S. and Canada. [WSJ]