Starbucks Corp. (NASDAQ: SBUX) will open its first Teavana Fine Teas + Tea Bar in New York City on Thursday, adding the sale of beverages to its tea offerings at the 300 Teavana stores the coffee giant acquired a year ago. Starbucks said the tea bars will expand to additional stores next year, but it did not specify a number.
Promising to “elevate the premium tea experience,” the Tea Bar will offer a “carefully curated assortment of handcrafted tea beverages, premium loose leaf teas, tea-inspired food offerings and beautifully made tea merchandise, making the ritual of tea more elevated and accessible for customers.” That may be laying the marketing spiel on a little thick, but Starbucks claims there is a $90 billion global hot and iced tea category just waiting for the company to apply its touch.
Starbucks founder and guiding hand, Howard Schultz, hasn’t made a lot of poor decisions as the head of the company. While it’s tempting for coffee stalwarts to dismiss tea drinkers as a bunch of, well, tea drinkers. But if customers are willing to pay for tea what they pay for a cup of coffee, Schultz is on to another gold mine.
Starbucks’ shares are down about 1.1% today at $80.00 in a 52-week range of $45.00 to $81.08.
“The Next NVIDIA” Could Change Your Life
NVIDIA has returned 250-fold in the past 10 years as artificial intelligence took off.
But if you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.
The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”
The report outlines key breakthroughs in AI and the stocks ready to dominate the next wave of growth. The report is absolutely free. Simply enter your email below
By providing your email address, you agree to receive communications from us regarding website updates and other offerings that may be of interest to you.
You have the option to opt-out of these emails at any moment. For more information, please review our Disclaimer and Terms of Use.