Starbucks Plans to Close Teavana Stores, 4 in Colorado
Starbucks Corp. has announced plans to close its 376 Teavana stores — four in Colorado — stating that they have been “persistently underperforming.”
Teavana — which sells loose-leaf tea and tea-related merchandise — has sores at the Cherry Creek, FlatIron Crossing and Park Meadows malls.
According to Forbes, the decision to close is almost immaterial given that these units represent only 3 percent of Starbucks US stores, and about 1.5 percent of the 25,000 Starbucks globally.
However, such a closing does demonstrate the need for mall-based stores to constantly reinvent themselves, to keep up with what millennial shoppers want.