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Location: Georgia, on the Florida line, right above Tallahassee
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Another interesting tidbit I noticed while I was looking at the Seattle real estate market (I live in Seattle, when I'm not in Iraq, heh.) Dunno if you will find it interesting or not. They're not just closing cofee shops, though.
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Two years ago, when it was booming, Starbucks bought one office building in Pioneer Square and started building another next door, intending to eventually occupy both.
Earlier this month the now-contracting coffee company confirmed what Barnes, Keating and other brokers had suspected — it's exploring selling or leasing both properties.
That's another 400,000 square feet that's likely to come on the market by the end of next year. Starbucks also recently said it would vacate 40,000 square feet of leased space in another Pioneer Square building.
Another interesting tidbit I noticed while I was looking at the Seattle real estate market (I live in Seattle, when I'm not in Iraq, heh.) Dunno if you will find it interesting or not. They're not just closing cofee shops, though.
************************************************** ****
Two years ago, when it was booming, Starbucks bought one office building in Pioneer Square and started building another next door, intending to eventually occupy both.
Earlier this month the now-contracting coffee company confirmed what Barnes, Keating and other brokers had suspected — it's exploring selling or leasing both properties.
That's another 400,000 square feet that's likely to come on the market by the end of next year. Starbucks also recently said it would vacate 40,000 square feet of leased space in another Pioneer Square building.
I'd really LOVE to see them go down the drain as quickly as possible! The "health" nuts with totally non-smoking huge patios of their own choosing because even the state laws are not so bad!
Well, Starbucks' expansion strategy was incredibly stupid. Basically, you have Starbucks opened in such close proximity to one another that they began cannibalizing each others' business. I remember being on a biz trip to Seattle. Downtown there seemed to be a Starbucks on every other block. I remember thinking to myself, how the heck can the market support that many coffee shops in such a dense area?
And, of course, when the economy is uncertain, the daily $4 splurge on lattes is an easy thing to give up.
Well, Starbucks' expansion strategy was incredibly stupid. Basically, you have Starbucks opened in such close proximity to one another that they began cannibalizing each others' business. I remember being on a biz trip to Seattle. Downtown there seemed to be a Starbucks on every other block. I remember thinking to myself, how the heck can the market support that many coffee shops in such a dense area?
And, of course, when the economy is uncertain, the daily $4 splurge on lattes is an easy thing to give up.
Were those corporate owned franchises mostly?
Or was starbucks making money off franchise fees and sticking it to the franchisee by selling them on top of one another?
Many a franchise buyer has been burned by the company selling additional franchises into the first guys market area.
I'd really LOVE to see them go down the drain as quickly as possible! The "health" nuts with totally non-smoking huge patios of their own choosing because even the state laws are not so bad!
Were those corporate owned franchises mostly?
Or was starbucks making money off franchise fees and sticking it to the franchisee by selling them on top of one another?
Many a franchise buyer has been burned by the company selling additional franchises into the first guys market area.
I don't know the answer to that. I do know that Starbucks was jamming a lot of locations into very small selling areas in defiance of common sense.
Subway is the very worst about all that. They would sell five franchises in a single office building if they could get away with it.
Well, Starbucks' expansion strategy was incredibly stupid. Basically, you have Starbucks opened in such close proximity to one another that they began cannibalizing each others' business. I remember being on a biz trip to Seattle. Downtown there seemed to be a Starbucks on every other block. I remember thinking to myself, how the heck can the market support that many coffee shops in such a dense area?
And, of course, when the economy is uncertain, the daily $4 splurge on lattes is an easy thing to give up.
I agree. There are three Starbuck's at one shopping center near where I live! One's in a Barnes and Nobles, and the baristas at another will tell you that they aren't a "real" Starbuck's because they didn't go through the same training... whatever.
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