You've probably been thinking it for years now: having a Starbucks on almost every corner in some places, while occasionally convenient, is just too damn much. But now, after facing weak sales, the global coffee empire announced this week that it plans to reduce its aggressive over-saturation in places across the United States by closing 150 stores in 2019. That's about triple the number of stores it usually closes in a year.
The problem, Starbucks told investors on Tuesday, is that many locations -- mostly in big cities -- are cannibalizing each other's business, according to a report by Forbes. The company lowered its performance forecast to a 1% increase in same-store sales next quarter, which is lower than what investors were expecting. In addition to shuttering the unusually high number of company-owned stores, the coffee empire is also planning to reduce the number of new licensed locations (think hotel lobbies and airports) next year.