Starbucks losses just a storm in coffee cup as it aims for 100 new stores in UK
Published Date:
04 August 2008
STARBUCKS is on track to achieve its target of opening 100 new UK stores in the current financial year, despite recently unveiling the first quarterly loss in its history.
The coffee empire said it sees Britain as a solid growth market with untapped potential.
Poor performance in other countries has led it to close 61 of its 84 Australian stores and begin a 600-store closure programme in the United States.
The chain has been struggling as consumers have cut back their spending on expensive coffee.
Phil Broad, Starbucks' managing director in the UK and Ireland, said there had been a "slight decline in traffic" in the three months to June 29, but added that it was on track to meet targets.
It has opened 78 stores so far, taking its total to 679, but these are partially offset by 10 closures. Mr Broad said: "We have seen steady consumer-led growth in the UK market and we remain excited by the opportunities."
The full article contains 180 words and appears in Edinburgh Evening News newspaper.
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Last Updated:
04 August 2008 10:52 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
