Portland’s “KGW News Channel 8” reported that coffee giants like Starbucks Corporation are trying their hand at selling liquor to its customers in Portland.
The Seattle-based company is coming up with a new store in Portland on June 13, 2011, where it will sell beer and wine after 2:00 pm. The store will be a new 2,300 square-foot store in the former Adidas retail space, in the Pearl District.
Management at Starbucks disclosed that Portland is a great market for wine and beer. Along with pastries, a sit-down menu will also be offered including pasta, cheeses and mini-dishes in the new store.
The new store is to be in unison with the neighborhood and reflect Portland's coffee culture, a deviation from the chain’s existing 16,858 stores. The ‘Localism’ theme will come alive with the wine and beer selections like Rouge, Widmer and Deschutes to be served at the store. However, management promised that it would maintain its trademark and put its iconic coffee at the forefront even at this store.
This will be the second wine market for Starbucks, which already sells wine/beer at three locations in Seattle providing craft beer and regional wines in settings that differ from their traditional coffee houses.
Starbucks’ first wine/beer store was introduced to Seattle’s Capitol Hill neighborhood in October, 2010 with a strong local flavor. The stores are decorated with old chalkboards from Seattle’s Garfield High School, University of Washington surplus store chairs and antique store baubles. This store is reported to be a model for the new store at Pearl District in Portland.
As reported by the Portland Business Journal, the coffee chain also plans to sell beer and wine at an existing store in Issaquah, Wash later this year as the Seattle coffee giant expands its menu offerings.
Currently, we maintain a Neutral rating on the stock on a long-term basis. Further, Starbucks holds a Zacks #3 Rank, which translates into a short-term Hold rating.
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