Word: stores
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...Starbucks clearly did build too much too fast, and had the misfortune to do it just as a downturn in the economy and consumer spending made it harder for any retailer to turn a profit. Of the 600 company-owned stores due to close, some 70% were opened since October 2005, and most have another store in close proximity. Starbucks's strategy of cannibalizing its own sales - a store loses about 25% to 30% of its revenue when another outlet opens down the block - works when customers keep streaming in, but once foot traffic slows, as it has over...
...store closings are a significant slice of Starbucks's operations, representing 8% of company-owned stores in the U.S. and 7% of the firm's global workforce. They account for some 19% of company-owned stores built since October 2005. But more than a third of the Starbucks in the U.S. are run by licensees - you'll find them in airports and on the turnpike - and so far there are no plans to shutter any of those. Nor are there plans to close any international stores, which are a small part of the company's overall profits but its biggest...
...Stanley's Glass points to "deteriorating underlying trends," such as the slowing economy and stepped-up coffee competition from the likes of Dunkin Donuts and McDonald's. Steven Kron, an analyst at Goldman Sachs, pointed out in a research note that while short-term investors may be enthusiastic about store closings, long-term investors still need to know more about how broader business trends play out. He has made no change to 12-month price target. Starbucks still has a lot more work to do to prove that it's righting the ship...
...family-owned firm once supplied the Weimar government of 1920s Germany with paper for its currency at a time of hyperinflation, and also printed the tickets for the 1936 Olympics during the Third Reich. Its current business also includes smart-card technology, integrated chips to store biometric data and border-control systems...
...cigarette after cigarette. Ismaelito was no relative, however. He is the king of the santos malandros - the holy thugs. The purpose of Escalona's tribute, including the prayers she offers to Ismaelito, is protection. Almost 50 people die from criminal violence in any given week in Caracas. Escalona's store has been burgled several times, but she is grateful that no one has been killed - and she hopes Ismaelito will keep it that...