Starbucks Introduces Tea Shop

On Wednesday, Starbucks

revealed plans to introduce a Tazo tea shop in Seattle. Starbucks acquired Tazo, a tea company originally based out of Portland, in 1999. Tazo is the only tea that is sold in Starbucks coffee shops. A Starbucks spokesperson told

that the new tea shop will sell more then 80 types of loose-leaf teas. The store is also expected to sell chocolate and pastries.

reported that Starbucks said the global tea market is worth around $95 billion. Resultantly, the company said it sees significant opportunity in this market.

In March, Starbucks announced that it would open its first Evolution Fresh juice store. This opening followed Starbucks November 2011 announcement that the company would acquire Evolution Fresh Inc. for $30 million. Starbucks said it hopes to make Evolution Fresh a leader in the $3.4 billion cold crafted juice industry. Early June, Starbucks announced agreements to acquire La Boulange Bakery. Starbucks stated that adding La Boulange to its food portfolio is an important part of its business plan. By acquiring La Boulange Bakery, Starbucks added improved food offerings that it might include in its newly planned Tazo tea store.

Separately on Wednesday, Starbucks announced the opening of its first store in Costa Rica. The company also announced that it would open a Farmer Support Center in Colombia and reaffirmed a “commitment to Latin America.” In a statement, Cliff Burrows, Starbucks Americas president, commented, “Starbucks business outside the U.S. is a key part of the company's future, and Latin America continues to play an important role” Burrows continued, “As a coffee company, we source the majority of our coffee from Latin America. We're dedicated to not only expanding our store presence here, but also deepening our relationships with farmers, their families and the community."

On April 26, Starbuck's reported record breaking second quarter 2012 results. In the second quarter, Starbucks increased EPS by 18%, increased net revenue by 15%, and opened 176 new stores globally. Chairman, President and CEO Howard Schultz commented, "Starbucks record Q2 performance demonstrates the strength of our business, the increasing power and global relevance of our brand and the success of our unique Blueprint for Profitable Growth business strategy.”