I've always liked Peet's Coffee, and even owned shares back when it was publicly traded. (Made a few beans on them as well.) I've always liked Caribou Coffee, too. So I'm taking it as mixed but generally positive news that Caribou stores in Chicago will switch to Peet's stores over the next two years:
Caribou didn't provide a list of stores affected by the closings or conversions. But most downtown Chicago Caribou locations will remain open and be rebranded Peet's stores by 2015. Employees at the chain's Long Grove, Lake Forest, Northbrook and Winnetka locations said Monday that their stores also would remain open, eventually becoming Peet's. It's unclear if personnel in those stores will retain their jobs.
Peet's, which has about 200 cafes, has a significant presence in larger retail stores, including Jewel, Target and Dominick's. Peet's has two area locations, at North & Clybourn avenues and in Evanston, according to the chain's website.
Robert Passikoff, president of consulting firm Brand Keys, said companies "don't make this kind of decision casually." While Caribou "was doing very well," he said, its new owners likely believe that coffee drinkers in the area "are in fact looking for a different kind of experience, and they have (Peet's) in their arsenal, so why not try it?"
Watch this space this weekend, when I'll no doubt have several posts from Peet's Coffee stores out west.