Starbucks (SBUX) said that it is closing seven locations in San Francisco this month. It said that it was adjusting its portfolio of stores. The Seattle based coffee chain said that its employees were intimated of the closure on Tuesday and have been offered positions at other locations. It is also opening new stores including a pickup-only location in Market Street.
The following Starbucks locations will close on October 22
Mission and Main Streets
Geary and Taylor Streets
425 Battery Street
398 Market Street
4th and Market Streets
555 California Street
Bush Street and Van Ness Avenue.
Starbucks Regional Vice President for Northern California Jessica Borton sent a letter to district managers in San Francisco that said that the recent moves were “part of ensuring a healthy store portfolio” and more.
Starbucks also said that it had opened or reopened three new stores at locations in downtown San Francisco. The company said that renovations to a value of $2.5 million have been carried out at four locations in San Francisco.
Many companies have recently shuttered some of their stores in San Francisco. They have given multiple reasons for closure including the shrink in number of workers downtown, changing shopping habits among consumers and impact of retail theft as well as street crime.
Some of the major companies that have closed in the recent past include
Nordstrom
Old Navy
Whole Foods
Safeway and others.
San Francisco is responding to the closedowns by offering programs for boosting small scale businesses and more. IKEA s has been welcomed and they are helping to revitalize business in certain locations.
Starbucks has 59 stores in San Francisco. The closures will decrease the number of stores of the java giant to 52.
CWEB News Summarized Business and Stock Newsletter October 2, 2023
