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CHICAGO (CBS) — Coffee is big business in Chicago and across the country, and at least two companies plan to open more retail outlets in the very near future.
As WBBM Newsradio’s John Hultman reports, Starbucks and Caribou Coffee are planning dozens of new stores in the coming years around the city and suburbs, according to Crain’s Chicago Real Estate Daily.
LISTEN: WBBM Newsradio’s John Hultman reports
The publication says Starbucks is planning new locations at 8 N. Michigan Ave. and 200 S. Michigan Ave., near Millennium Park and Grant Park, respectively. Another new Starbucks is also planned at Milwaukee and Touhy avenues in Niles, Crain’s reported.
This is the first expansion Starbucks since 2008, when the coffee chain closed 600 stores nationwide – including 18 in the Chicago area, Crian’s reported.
Meanwhile, Caribou is opening new locations in the Bucktown neighborhood and in Northbrook, and has six or seven more on the drawing board, Crain’s reported.
Caribou has signed on for another in the Bucktown neighborhood, one up in Northbrook and six to seven more on the drawing boards.
The first Chicago Starbucks opened in October 1987 at 111 W. Jackson Blvd., the Chicago Tribune reported. That space is now a Lavazza, but Crain’s says Starbucks has 450 stores in the Chicago area alone and 17,000 worldwide.
Caribou has just over 500 stores total, Crain’s reported.
A real state broker tells Crain’s the frenzy of activity is an indicator the market is starting to turn around.