I think this is AWESOME and perhaps too little too late as I have watched some of my favorite valley business get forced out of existence by higher lease pricing and underhanded zoning changes only to be morphed into Starbucks locations. Because a major metropolitan city needs 10 stores in a 2 mile block?!?!!

“Starbucks Corp. plans to close 100 existing stores and scale back the opening of new stores from 1,600 to 1,175 this year. The announcement was made along with its first-quarter earnings report after trading on Wednesday. The company is experiencing challenges as consumer spending slows and more competitors, including McDonald’s, enter the fray. The firm recently recruited its founder, Howard Schultz, to return to more active duties. He assumed the role of chief executive, replacing the recently departed Jim Donald.

In addition to scaling back its openings, the company no longer will sell breakfast sandwiches, a move undertaken last year. In a statement, Schultz said that “by reducing the number of openings, we expect to optimize our resources and potentially reduce cannibalization of our existing stores.” A Starbucks spokeswoman said the firm is not discussing the location or timing of any of the closures.” – by Lynn Ducey Phoenix Business Journal