Capital Teas, Inc. announced that it is consolidating its two Annapolis stores into its flagship store in historic Annapolis at 77 Main Street. As part of this initiative, the company has shuttered its store at the Westfield Annapolis Mall, which has experienced other retail store closings over the past year, as have many shopping centers across the country. In addition to its store in downtown Annapolis, Capital Teas continues to operate 10 other retail stores in Maryland, Virginia, the District of Columbia, and Florida, plus runs a very fast-growing website business at www.CapitalTeas.com, and enjoys a prominent list of restaurant and hotel clients.
"We have conducted an extensive review of our market presence, and we believe in the long-term vibrancy and success of our store in the historic district of Annapolis while being forced to address the reality of the dramatic slowdown in our store's sales at the Annapolis Mall," said Peter Martino, Chairman & CEO of Capital Teas. "Consolidating our Annapolis retail presence to downtown makes economic sense while continuing to serve our loyal customer base at our flagship store. On the personal side, we mourn the closure of our Annapolis Mall store as we had invested heavily in a beautiful build-out, but the location had become unviable for us over the past year with our sales down 40-50% from previous years, with lower foot traffic. Conversely, downtown Annapolis remains vibrant throughout the year, and is particularly strong when the weather is nice, attracting both residents and tourists alike."
This consolidation of its Annapolis stores is part of the Capital Teas effort to rapidly transform its overall business to meet the changing dynamics of retail shopping. Capital Teas continues to invest heavily in growth initiatives, but most of those efforts are now focused on eCommerce and wholesale channels. Nonetheless, the Company sees its stores as an important part of the customer experience where patrons can "stop and smell the teas", taste samples, buy cups of tea, and enjoy a multi-sensory experience. Says Peter Martino, "Capital Teas continues to execute our mission daily, namely 'to educate people and inspire lives through the wonders of tea, one cup at a time'. We welcome everyone to visit us in our stores whenever they can, to browse our website when shopping at home or at work, and to patronize those restaurants and hotels which serves some of our amazing collection or organic and natural teas."
ABOUT CAPITAL TEAS
Capital Teas is a leading American specialty tea provider. The Company offers over 200 premium, organic, and natural teas and infusions, including unique blends, as well as a broad selection of modern teaware. Capital Teas opened its first store in historic Annapolis in 2007 and has since become acclaimed for maintaining the highest quality specialty tea selection for consumers and hospitality industry clients. The company was twice recently recognized as a member of the Inc. 5000, the nation's fastest-growing private companies. More about Capital Teas is available at www.CapitalTeas.com.
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