REAL ESTATE

Starbucks’ new Teavana Fine Teas + Tea Bar format debuts in New York City

BY Marianne Wilson

New York — Starbucks Corp. unveiled its newest retail format, Teavana Fine Teas + Tea Bar, with the first location opening on the Upper East Side of Manhattan. Starbucks purchased the 300-store Teavana Holdings last year as part of its ongoing efforts to diversify and push beyond its signature beverage.

Teavana Fine Teas features a wide variety of hot brewed and iced teas, tea fusion beverages and curated tea-related merchandise. It also offers a range of food items, from salads to flatbreads to pastries and other sweets.

“As the second most-consumed global beverage behind water, tea presents a $90 billion global market opportunity, and we are excited to celebrate the first retail example of how our two companies are coming together,” said Howard Schultz, Starbucks chairman, president and CEO.

Starbucks purchased the 300-store Teavana Holdings last year as part of its ongoing efforts to diversify and push beyond its signature beverage. It expanded into the juice arena with the purchase of the Evolution brand in 2011, and has opened some Evolution Fresh juice bars. It also bought La Boulange, a San Francisco-based bakery chain.

The new Teavana Fine Teas shop is accented with light woods, comfy seating and low lighting. It has no Starbucks branding.

"When you walk in, you see a shrine to tea," Schultz said in a USA Today report. "The store demonstrates our knowledge of tea and romances the theater of tea with a visual experience."

In addition to tea, Starbucks is pursuing other areas of growth as well. It expanded into the juice arena with the purchase of the Evolution brand in 2011, and has opened Evolution Fresh juice bars in select locations. It also bought La Boulange, a San Francisco-based bakery chain.

Teavana was not Starbucks’ first tea-related purchase. It bought Tazo tea in 1999 and built it into a billion-dollar brand through sales at Starbucks stores and supermarkets.

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REAL ESTATE

Krispy Kreme to open new Georgia store

BY Dan Berthiaume

Winston-Salem, N.C. – Krispy Kreme Doughnut Corporation will open a new store in Doraville, Ga., on Oct. 29. The newly constructed, free-standing facility is an approximately 2,300-sq.-ft. location with a drive-thru.

"We are extremely excited to bring this newly constructed and updated shop to our loyal Doraville area doughnut and coffee fans," said Cindy Bay, senior VP of U.S. franchises and company stores for Krispy Kreme.

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Regency announces Glenview, Ill., development

BY Michael Fickes

Chicago — Regency Centers Corp. has announced the development of Glen Gate, a 102,876-sq.-ft. shopping center located in Glenview, Ill., a North Shore suburb of Chicago. A 75,564-sq.-ft. Mariano’s Fresh Market, slated to open next fall, will anchor the development. The center will have one out-lot with an additional 24,000 sq. ft. for retail and restaurants.

Approximately 140,000 residents live within a three mile radius of the Glen Gate site. The Village of Golf’s Metra stop is adjacent to the site, enabling Regency to classify the project as a transit-oriented development.

Regency will develop Glen Gate on two land parcels totaling 21 acres, 7.6 acres of which were sold by Regency to Atlantic Realty Partners, Focus Development and The Carlyle Group. The three companies plan to build 238 luxury apartments north of the shopping center.

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