Market Overview

Starbucks to Sell Alcohol in Selected Stores

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According to a Bloomberg report, Starbucks (NASDAQ: SBUX) is planning to sell beer and wine at more locations to increase afternoon and evening traffic. Starbucks first served alcohol in a Seattle store in October 2010, and the company plans on expanding on the concept. Currently, a total of 6 stores located in Seattle and Portland, Oregon sell alcohol. In a statement released Monday, Starbucks said that it will sell beer and wine in as many as 25 locations by the end of the year.

According to the company, the stores will be located in Chicago, Atlanta, and Southern California, among others places. In an interview, Clarice Turner, Starbucks' senior vice-president of U.S. operations, said that the specific stores which will begin selling wine and beer have been "carefully selected" are are larger and have more seating than regular stores. The company said that it is not considering the alcohol concept for the whole chain. During Monday's trading session, SBUX shares have lost 1.56% to $47.40.

Posted-In: News Management Intraday Update Movers

 

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