Costa Coffee to close more stores in China following strategy adjustment: report
The chain recently announced plans to lay off 1,650 UK-based staff.
Costa Coffee is planning to further reduce its presence in China by January 2021, just after closing down almost a tenth of its store network a month ago.
The chain, which is owned by the Coca-Cola Company, told the South China Morning Post that it “will be closing a number of stores between August and January 2021” as part of the adjustments to its retail strategy amidst shrinking demand.
Local reports cited by the publication say Costa has closed some 40 stores since August, including nearly 20 in Beijing, two in Hangzhou, two in Shanghai, six in Nanjing and all six branches in Qingdao. It once expressed plans to have over 1,200 stores by 2022.
The chain earlier announced a plan to lay off 1,650 employees in the UK, citing the COVID-19 crisis.
Read the full report here.
