There will be one fewer tea time place at six South Florida malls after Starbucks closes all 379 Teavana stores by Spring 2018.
As CNNMoney points out, the Teavana closings blast another hole in indoor malls already dealing with departing major retailers as shopping habits change. JCPenney and Sears, mall anchor stores for half a century, are leaving large holes at malls around the country as they fight the Amazons of the online world.
You can find Teavana’s — for now — at Dolphin Mall, The Shops at Merrick Park in Coral Gables and the Falls in Miami-Dade County and Westland Broward Mall, Coral Square and Sawgrass Mills in Broward County.
Starbucks’ announcement, made Thursday as part of its third quarter 2017 financial report, surprised few. As addictive as some find Starbucks’ iced tea, the Teavana stores failed to be anything but a drag on the company after Starbucks bought Teavana for $620 million in 2012. The second quarter report conference call discussed Teavana’s weak sister status.
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“Teavana retail stores have been persistently underperforming,” Starbucks’ press release stated. “Following a strategic review of the Teavana store business, the company concluded that despite efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue.”
Starbucks says the 3,300 Teavana employees (eight to nine per store) can apply for positions at Starbucks stores.