Canadian coffee chain sets sights on acquiring recently closed Starbucks locations
In case you missed the news, Starbucks recently closed hundreds of stores across Canada and the United States. However, just a week after the closures, Canadian coffee chain Good Earth has shared that it plans to acquire a number of these recently closed locations in Canada.
“While some brands are shrinking and others are consolidating, we are stepping up to serve communities. We believe the human interaction that takes place in our coffeehouses is valuable – as valuable as the ethically sourced coffee and fresh food we serve,” said Michael Going, Founder and CEO of Good Earth Cafes Ltd.
Good Earth shared that the focus will be on sites in Toronto, southwestern Ontario, the B.C. Lower Mainland, and Halifax.
“This unique opportunity in a competitive landscape offers excellent partnership possibilities for investors looking for multi-unit franchises and for single-unit owner operators alike,” added Gerry Docherty, President and COO of Good Earth Cafes Ltd.
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As for the reason for the Starbucks closures, Starbucks CEO Brian Niccol shared that after reviewing the coffee chain’s North America portfolio, they identified stores that weren’t performing well financially.
“Each year, we open and close coffeehouses for a variety of reasons, from financial performance to lease expirations. This is a more significant action that we understand will impact partners and customers,” he wrote.
Dished reached out to Good Earth for more details on the exact locations that will be acquired, so stay tuned for more information soon.
With files from Isabelle Docto