Naperville Business Lawyer on Starbucks Roastery Coming to the Magnificent Mile

Starbucks, Naperville business law attorneyAs technology continues to change the face of the retail industry, a number of iconic brands have begun implementing plans to close brick-and-mortar stores. With millions of consumers turning to Amazon and other online retailers, even high-end department stores like Macy’s have been forced to reevaluate their sales strategies. In fact, recent reports suggest that as many as 8,600 physical retail locations could close in 2017, compared to about 2,000 last year and 5,100 in 2015. Closings in just the first quarter of this year have already surpassed those of the last two years.

Throughout my career as a business law attorney, I have seen business cycles at work across many industries. I realize that consumer trends dictate profits in all industries, and companies must adapt to survive. Despite the recent struggles of many retailers, however, at least one brand is poised to capitalize on available opportunities, and its newest venture will soon be an attraction on Chicago’s Magnificent Mile.

Starbucks Announces Roastery Plans

If you have lived or worked in the Chicago region for any length of time, you probably know that the Magnificent Mile is an upscale area that runs along Michigan Avenue between the Chicago River and Oak Street in the city’s Near North Side. The Magnificent Mile is home to countless retail shops, boutiques, fine-dining restaurants, and luxury hotels. Beginning in 2018, it will also be the site of a four-level, 43,000 square-foot Starbucks Reserve Roastery. The Roastery will move into a space on the corner of Michigan Avenue and Erie Street currently occupied by a Crate & Barrel store.

Starbucks Executive Chairman Howard Schultz explained that the Roastery is not just an average coffee shop. Customers and visitors will be able to see the roasting, brewing, and packaging process of the brand’s rare, small-batch Reserve coffee beans. “The essence of it is the theater and romance and something so experiential,” Schultz said. The glass-dominated structure on the Mag Mile seems to be the perfect facility for Schultz’s vision of a Willy Wonka-type experience for Starbucks customers.

Future Plans for Crate & Barrel

Crate & Barrel has maintained a retail location in the building since 1990, and the company plans to keep the store open through this year’s holiday season. After that, company officials say there are no plans to open another store in Chicago. There will still be one location inside the city and a number of others in the surrounding suburban areas, including in Naperville, Geneva, and Oak Brook. “We’re continuously reviewing our real estate portfolio to meet our customers where they want to shop,” Crate & Barrel spokesperson Jill Assad told the Chicago Tribune.

Helping Your Company Find Opportunities

Starbucks officials see the company’s foray into the Chicago region 30 years ago as the turning point in becoming an internationally successful brand. While you may have no intentions of serving a global customer base, it is still important for you to recognize and seize opportunities for growth. To discuss the future of your company, contact an experienced Naperville business law attorney today. Call The Gierach Law Firm for a confidential consultation.

 

Sources:

CNN Money

Chicago Tribune

Business Insider