Starbucks continues to renovate several existing sites in the Jacksonville area, this time proposing to renovate a location in Riverside at 1650 Margaret St.
Previously, What Now Jacksonville reported on the company working on two new sites and three renovations to existing locations. The Seattle-based chain doesn’t appear to be slowing down anytime soon, this time proposing a $350,000 project that includes new finishes in the cafe bar and restrooms and expanded back-of-house space, according to Jacksonville Daily Record. The site will also receive new patio furniture on the exterior patio. If approved, Starbucks will temporarily close its doors for these renovations.
This wave of restaurant renovations is a part of the company’s $450 million plan announced last year to upgrade existing stores to introduce a framework for accelerated earnings growth over the next three years. At the time of the announcement last year, Starbucks estimated a comparable store sales growth to be in the range of 7% to 9% annually, both globally and in the U.S., up from the previous range of 4% to 5%.
“Starbucks is a growth company, and our accelerated expansion is a direct reflection of the expected returns from our Reinvention plan,” CFO Rachel Ruggeri said last year at the time of the announcement. “By making strategic and highly targeted investments to drive value for partners, Starbucks will also drive value for customers and shareholders while managing costs, improving margins, and elevating the Starbucks Experience for all stakeholders.”
Following this plan, launched in September 2022, Starbucks hosted an investor forum in New York City this month to share the company’s Triple Shot Reinvention with two two-pump plans, providing details of our strategic priorities for long-term growth. The company expects to expand Starbuck’s footprint to 55,000 by 2030, growing an average of eight stores per day. After becoming CEO this year, Laxman Narasimhan has built on Starbucks’ heritage by unveiling an updated mission grounded in human connection, six key promises to stakeholders, and a set of values to guide the company’s 450,000 green apron partners worldwide.
