Starbucks (NASDAQ:SBUX) just announced that it’s closing all of the storefronts for its Teavana brand. And that could mean new opportunities for small businesses to break into the market.
Closing of Teavana Stores Opens Opportunities
Starbucks decided to close the once popular tea stores due to slow sales. But there’s still a fairly sizable market out there for tea businesses. And there are also trendy offerings on the upswing right now like bubble tea and matcha that could provide great differentiation opportunities for small businesses.
So with Teavana, which was one of the more recognizable tea brands in the country, exiting the space, it could be the perfect time for small businesses to jump in. You could do this by researching tea franchise opportunities or just opening your own independent shop.
The brand’s departure will also be another blow to business at the mall where most of the 379 Teavana stores were located. Teavan’s exit from malls follows the departure by other key brands like JCPenney and GameStop.
But here again the loss of big brands at the mall could be small business’s gain. According to a report from the National Retail Federation, smaller malls may fail but larger ones are here to stay. And the departure of some big chains could be the perfect opportunity for the right small retailers at the mall.
So do some homework on the niches and opportunities out there and find a way to deliver your product to consumers where they actually shop. Then maybe you can make a name for yourself in this market where there’s suddenly a huge business opportunity.
Teavana Photo via Shutterstock