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Starbucks plans to reopen 90% of its company-operated stores by early June

Starbucks expects to begin reopening its stores...

Posted: Apr 30, 2020 7:14 AM

Starbucks expects to begin reopening its stores next week, and it plans to have 90% of its US company-owned locations operating by June.

The company's executive leadership team made the reopening announcement during its quarterly earnings call Tuesday. About half of Starbucks' American stores remain temporarily closed during the coronavirus pandemic, according to Starbucks Chief Financial Officer Patrick Grismer.

Starbucks is taking a phased approach to reopening, initially with modified operations and shorter operating hours, Grismer told analysts during the call. The company said it is making changes to comply with coronavirus social distancing guidelines.

Drive-thrus will be modified to become more efficient, Grismer said. Additional changes include modifications to the company's delivery channels and a new "entryway hand-off solution." Starbucks is also looking into adding curbside service at stores where parking is available, Grismer said.

Starbucks anticipates the financial destruction from Covid-19 will be significantly higher in the current quarter than it was in the previous one. He forecast the financial downturn from coronavirus will extend into the fall.

"We do expect the impacts to persist for a longer period of time as we move through the monitor-and-adapt phase," Grismer said.

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