I had to sketch the Starbucks in the Istanbul, Turkey airport. In the age of COVID-19, the company plans to close up to 400 company-owned locations over the next 18 months while also speeding up the expansion of “convenience-led formats” such as curbside pickup, drive-thru and mobile-only pickup locations. The Seattle-based coffee conglomerate says the moves are being driven by changing consumer behaviors that have shifted because of the COVID-19 pandemic.
The company still plans to open approximately 300 new stores in its current fiscal year, down from its original goal of 600. Starbucks took a virus-related revenue hit potentially exceeding $3 billion in its third quarter according to a regulatory filing Wednesday June 10, 2020. The virus outbreak also slashed its operating income between $2 billion and $2.2 billion as the virus raged.
In a letter sent to employees late last month, Starbucks U.S. President Rossann Williams said employees on leave will be able to keep their benefits and may also apply for unemployment aid. About 95% of U.S. company-run stores are in operation at varying levels of service, though most are operating with reduced hours.
This little Starbucks in Turkey remains open, so get on a flight to Istanbul and grab a macchiato. Oh, but keep in mind that flying is one of the more risky things you could be doing in a pandemic.