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Starbucks will deliver from 4,000 stores in the U.S., China

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Starbucks is expanding delivery to more stores in the U.S. and China as it tries to accelerate growth in those two markets.

The company says it will offer delivery from 2,000 U.S. stores by next summer through a partnership with Uber Eats. It isn’t yet saying which stores will offer the service.

In China, delivery will be offered from 2,000 stores in 30 cities by the end of this year, up from 150 stores at the end of September. Starbucks began working with its Chinese delivery partner, Ele.me, three months ago.

Starbucks made the comments at an investor presentation Thursday in New York. The Seattle-based company said it has simplified its business in recent years — by closing its Teavana stores and selling many European stores to franchisees, for example — so it can focus more directly on the U.S. and China.

New store openings

In the U.S., its largest market, Starbucks says it still sees significant opportunities to expand and expects to open 550 net new stores annually over the next few years. The company also plans to close 150 underperforming stores in 2019.

In China, Starbucks plans to open 600 stores annually through 2022, bringing it to a total of 6,000 stores.

Delivery is one area where it could expand. Investors questioned the economics of Uber Eats, asking whether Starbucks will earn less because of the fees Uber charges.

A barista reaches for an empty cup at a Starbucks in the Pike Place Market in Seattle May 29. Starbucks says it’s experimenting with tamper-resistant delivery bags, hotter coffee and better lids to ensure a good delivery experience. (Elaine Thompson/Associated Press)

Roz Brewer, Starbucks’ group president of the Americas, said the company is still studying that. In Miami, where it has been running a pilot program with 200 stores, she said the company has found that delivery works best in dense urban areas where Uber Eats’ delivery fees are lower because of high demand.

And CEO Kevin Johnson noted that customers are spending two to three times more on delivery orders than they would in the store, so that makes the partnership more appealing.

Hotter coffee, better lids

Johnson says Starbucks has learned a lot about delivery since launching it in China in September. The company has special spill-proof cups, for example, and is making beverages hotter so they will be the right temperature to drink when they arrive.

Johnson said the company has also opened two small kitchens in the back of grocery stores in China so it can quickly fulfil delivery orders. That is one idea that could eventually come to the U.S., he said. The company is also packing orders in tamper-resistant bags, so customers will feel more comfortable getting them from a third-party driver.

Johnson said it’s difficult to say what percentage of orders either in the U.S. or China will eventually come from delivery. Starbucks’ mobile ordering and payment for pickup in U.S. stores more than doubled to 12 per cent of orders between 2016 and 2018, and that could also happen with digital ordering, he said.

Customer behaviours are shifting rapidly. We must continue to adapt and adapt rapidly to meet our customers where they are.– Kevin Johnson, Starbucks CEO

“Customer behaviours are shifting rapidly,” Johnson told The Associated Press. “We must continue to adapt and adapt rapidly to meet our customers where they are.”

Even as it’s expanding delivery, Starbucks is continuing to try to improve its in-store experience. Brewer said Starbucks plans to renovate one-third of its U.S. stores this year to add equipment and redo delivery and mobile pickup areas.

Starbucks is also opening a high-end Reserve Roastery in New York on Friday. The 23,000-square-foot store includes a bar with coffee- and tea-themed cocktails, Italian pastries and rare small-batch coffees roasted on site.

Johnson said Starbucks plans to open two more roasteries, in Tokyo and Chicago, next year, but hasn’t committed to more after that. The company also has them in Seattle, Shanghai and Milan.

“It acts as a brand amplifier,” Johnson said, noting that customers are still lining up to get inside the Shanghai store a year after its opening.

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Real Estate

Couple from Toronto buys dream home in Mushaboom

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MUSHABOOM – A couple who lived and raised a family in downtown Toronto developed a five-year plan in 2015 to purchase their dream home.

In September they moved into the home – located on Malagash Island in Mushaboom on Nova Scotia’s stunning Eastern Shore – that met and exceeded their best dreams for their retirement.

The Camerons, Bruce and Tanya, decided in 2019 they would explore the Maritimes to see what real estate was available to become their potential retirement home. In the spring of 2020, during a global pandemic, the real estate boom hit their city, and they were hearing the same for Nova Scotia. Our province was their first-choice for attaining their desire for an entirely different lifestyle – away from the busyness of the city.

“We had $300,000 to $350,000 as a home value in mind to buy. Our semi-detached located off Danforth in Toronto was priced at $850,000. We wanted to come out ahead, so we would be secure in retirement,” Tanya said.

Their century-old home had prime location near the subway and GO Transit Line for a great 13-minute commute downtown.

“We enjoyed our community,” explains Bruce “… we had great neighbours, young children around and street parties – lots of social activity.”

Bruce says, “Our agent suggested a starting quote of $899,000. We did not do any renovations and only some staging. Fifty couples went through and we received four significant offers. Six days later we sold – with zero conditions – and a price of over a million dollars. We just requested a closing of September 2020 to get the kids off to school – which we got.”

The couple got more than they had anticipated.

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Real Estate

Rabobank Announces Leadership Changes in U.S., Canadian Offices

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NEW YORK, Dec. 16, 2020 /PRNewswire/ — Rabobank, the leading global food and agribusiness bank, has appointed two of its top executives, Tamira Treffers-Herrera and Robert Sinescu, to become Co-Heads of North American Client Coverage, positioning the Bank for future growth in the region.

Treffers-Herrera has also assumed the role of Vice Chairperson and Head of the Atlanta office, where she additionally oversees Rabobank Mexico, which is led by Eduardo Palacios. Sinescu is the Head of the Chicago office, and also oversees Rabobank Canada, led by Marc Drouin, who was recently appointed as Canada’s General Manager.

Treffers-Herrera and Sinescu report to David Bassett, Head of Wholesale Banking North America, the Bank’s corporate and investment banking business for the region based in New York.

“Both Tamira and Robert have a demonstrated history of strong leadership, operational excellence and passion for our clients,” Bassett said. “Their broad experience and deep sector expertise will be invaluable in delivering dynamic results for clients while accelerating our growth trajectory in North America.”

Each office will have an even greater focus on key Food & Agribusiness sectors and clients: The Chicago office will drive growth in sectors including Dairy, Farm Inputs and Grains & Oilseeds, which are also key areas of focus for the Canada office. The Atlanta office will focus heavily on sectors such as Animal Protein, Beverages, Sugar, and Supply Chains, which are important sectors in Mexico as well.

“Rabobank is fully committed to our clients throughout North America, and we believe our new sector-focused coverage will improve our ability to provide knowledge-based, value-added solutions that benefit our clients,” Bassett said.

Treffers-Herrera was most recently based in London as CEO of Rabobank’s European Region from 2016-2020, where she took the organization through Brexit. Prior to that, she worked in the Atlanta office from 2002-2016. During her tenure in Atlanta, Treffers-Herrera served as Global Sector Head – Consumer Food & Beverages, and prior to that she was a senior banker for a portfolio of large beverage and consumer foods clients. She holds a Bachelor of Arts degree from the University of Kentucky, a Master of Arts from the Patterson School of Diplomacy and International Commerce and has studied at The University of Chicago Booth School of Business and Harvard Business School.

Sinescu has been with Rabobank for over 21 years and was previously General Manager of Rabobank Canada, where he oversaw all operations, business development, commercial strategy and relationships with regulators. In addition, he continues to serve as CEO of Rabo Securities Canada Inc. Prior to Canada, he was a senior banker, Head of Corporate Banking, European Sector Head for Sugar, and a member of the Management Team for Rabobank France. He holds a Bachelor of Science in Business from the Bucharest School of Business, a Master of Business Administration & Management and a Master of Science in Banking and Corporate Finance from Sorbonne University in Paris, and has studied at Brown University.

Drouin has worked with Rabobank’s Canadian team for more than nine years and most recently served as a senior banker, Head of Rabobank Canada’s AgVendor Program and a member of Rabobank Canada’s Management Team. He brings extensive wholesale banking experience within the Dairy, G&O, CPG and Supply Chain sectors. Drouin holds a Bachelor of Arts degree from McGill University and a Master of Business Administration in International Finance, Marketing and Management from the Schulich School of Business at York University.

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Real Estate

Greybrook Realty Partners & Marlin Spring Brand Jointly Owned Asset Manager – Greyspring Apartments

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TORONTO, Dec. 14, 2020 (GLOBE NEWSWIRE) — Greybrook Realty Partners and Marlin Spring are pleased to announce the new branding of their jointly owned investment and asset management firm, Greyspring Apartments. With a portfolio of more than 2,000 units and CAD$375 million in assets under management, Greyspring Apartments is focused on the acquisition and repositioning of multi-family assets throughout Canada.

The new name and branding is an important step in Greyspring’s evolution as an independent operating business. Formed in 2018 by long standing-partners Marlin Spring and Greybrook Realty Partners, Greyspring Apartments was established with the goal of building a leading asset management firm with a robust portfolio of residential rental real estate assets in primary and secondary markets across Canada.

Greyspring’s talented team of real estate, asset management and finance professionals is overseen and guided by the Management Board, whose members include Benjamin Bakst, CEO, Marlin Spring; Elliot Kazarnovksy, CFO, Marlin Spring; Sasha Cucuz, CEO, Greybrook Securities Inc.; Peter Politis, CEO, Greybrook Realty Partners; Chris Salapoutis, President & COO, Greybrook Realty Partners; Ashi Mathur, President, Marlin Spring; and Karl Brady. In addition to his role on the Management Board, Karl Brady leads Greyspring Apartments as its President. 

“We are pleased to announce the official name and branding of a business we formed with our partners at Marlin Spring a few years ago,” said Peter Politis, CEO, Greybrook Realty Partners. “Greyspring has been diligently focused on the execution of strategic value-add programs across its portfolio that are improving the quality of housing for tenants and overall asset values. For Greybrook investors, expanding from our core business in real estate development to the value-add space through Greyspring, has allowed us to provide our clients with investment opportunities that diversify their real estate investment portfolios.”

“Marlin Spring and Greybrook have partnered on many residential real estate projects in recent years,” said Benjamin Bakst, CEO and Cofounder, Marlin Spring. “To a great extent, Greyspring illustrates our approach to partnerships. We believe in, and strive for, responsible growth through deepening our relationships with our trusted partners. With Greyspring, we’ve formalized our focus on providing better and more affordable living experiences for Canadians. This vision aligns with our mission to deliver exceptional real estate value to all our stakeholders with an uncompromising adherence to our core values.”

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