Starbucks has announced that it has so far exited 46 costly leases in the UK so far and plans to exit a further 30 this year, but is seeing ‘green shoots’ of recovery here.
The company is exiting expensive leases that it found itself with after over expanding in 2008.
One store opposite Selfridges on London’s Oxford Street had a rent bill of £850,000 a year. A move around the corner slashed that to £160,000 annually.
The group is currently in the middle of a programme to add another 5,000 staff by 2016.
Kris Engskov, Starbucks president of Europe, Middle East and Africa, said: “The UK is the most competitive espresso market in the world. We are very optimistic about the UK. We see green shoots.”
As revealed by M&C Report earlier this month, Starbucks plans to open 200 sites across the country under franchise by 2017. It currently has 15 in operation.
