Starbucks set to close 150 stores


It might feel like there's a Starbucks on every corner in America, but next year, there will be fewer stores on fewer corners-150 fewer, to be exact.

Starbucks, which has dealt with significant controversy in 2018, will close 150 underperforming stores after sales have slowed down.

According to CNN, "poorly performing" stores around the country will be getting the ax.

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Starbucks has not yet announced which stores it will close. As of right now, there's no word on which cities will be affected by the change.

For the ubiquitous chain, moving slower and shutting unprofitable stores may trigger some deja vu.

The announcement was made on the heels of revealing that Starbucks was expecting same-store sales to grow just 1 percent for the quarter of the fiscal calendar beginning next month - after initially projecting a 2.9 percent growth. Americans can "get that same flavor profile at a much lower price somewhere else".

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The company closed 8,000 cafes on May 29 so 175,000 employees could undergo racial tolerance training.

The company also stated that in 2019, it will roll out a "redesigned Starbucks Rewards program that provides customers more choice around redemptions and payment".

Analysts also pointed to lower-than-expected same-restaurant sales in five of the previous six quarters at Starbucks' Americas business, which is dominated by its roughly 8,000 US cafes.

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The chain, which operates more than 8,000 US stores, said the changes were made to address the weaker-than-expected sales growth, adding that several digital initiatives were expected to add 1% to 2% in comparable sales in fiscal 2019. Additionally, it plans to cut general and administrative costs, and has hired a consultant to help in this area. "But the current political environment with trade wars looming or the governments picking at each other-it definitely casts a shadow over the long-term prospects for large western brands that are in China".