Capital Teas opens 15th store, plans to double amount in 2016
Capital Teas recently opened its 15th and most expensive retail location in Annapolis, MA that reflects the company's growing ambitions in tea retail. Thanks to private equity funding and growing same-store sales, Capital Teas expects to double the amount of stores by the end of 2016. Revenue is forecast to reach $5 million in 2015 and $10 million next year, as the company plans to add more than a dozen locations on the East Coast. The new store, located in Westfield Annapolis mall, features a 16-foot hand-carved rendering of the Maryland statehouse and cost $400,000 to build. Capital Teas is also experimenting beyond loose tea with trails of kombucha fermented tea and a line of tea-infused cosmetics.