Peet's Coffee & Tea starts biggest expansion push to date
Peet's Coffee & Tea, a specialty tea and coffee company from California, announced its biggest retail expansion in the company's 47-year history. With the opening of a store in Solon, OH, Peet's is embarking on a huge growth plan in the Midwest and the East Coast, which will see more than 90 new stores open over the next 18 months. 10 stores will open in Cleveland, OH in former Caribou Coffee locations and 8 in Columbus, OH throughout the next couple of months. Later this year, more openings are expected in Pennsylvania and Michigan. In 2014, stores will continue to pop up across the Midwest and the East Coast. A German investment group purchased Peet's Coffee & Tea for about $1 billion last year and later added Caribou Coffee for $340 million.