July 2, 2008

Starbucks to close 600 stores

Starbucks announced yesterday that they will be closing 600 stores and will scale back the opening of new stores in 2009. I guess "a Starbucks on every corner" didn't turn out to be quite as profitable for them as they had imagined. Perhaps it was the $4+ cup of coffee which never really seems worth it to me. I am far from a coffee connoisseur however, as I proclaim myself to only be a "social [coffee] drinker," so what do I know? Could it be that clown Ronald and his ubiquitous chain of Mickey D's restaurants and their new low-cost specialty coffees that gave Starbucks a run for its money? Even more likely, it's the sky-high gas prices that drove people to reconsider their financial priorities and cut back on their luxurious lattes.

Personally, I'd like to engage in wishful thinking and believe that it was The Mocha Club which changed Americans' coffee buying habits. Check it out!

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