Starbucks closing Teavana bars

Starbucks (NASDAQ:SBUX) is pulling the plug on its Teavana tea bars test. The company said it will reconcept three Teavana locations in New York as Starbucks stores and close the Beverly Hills unit.

A single Teavana tea bar will remain in Seattle's University Village and serve as a test site near Starbucks' headquarters.

Starbuck's isn't backing away on tea. The company bought Teavana in 2012; the category is growing by double digits in North America and is a part of the company's expansion in China where the plan is to operate 3,400 stores.

Teavana will continue to operate roughly 350 stores in North America, but those stores sell tea only in bulk and don't prepare or sell beverages.  

Starbucks isn't alone among retailers that are refocusing on the core business in 2016. Walmart announced last week it was closing stores and backing away from Walmart Express to focus on the company's strongest concept: the supercenter.

For more:
-See this Seattle Times story

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