Starbucks plans to open Tazo tea store this year

(Reuters) - STARBUCKS (SBUX.NQ)Corp plans to open a Tazo tea store in Seattle as early as this fall, adding another concept to its growing stable of retail brands that are moving the company beyond its core coffee business.

The company opened its first Evolution Fresh juice bar in a swanky Seattle suburb in March. Two weeks ago, it also announced plans to buy La Boulange bakery owner Bay Bread Group for $100 million in cash.

Starbucks bought Tazo in 1999 and says it is now a $1.4 billion brand for the company, which sells Tazo products through its own shops and the grocery aisles of many retailers.

Starbucks says tea is a $95 billion global market and represents a significant opportunity for the company.

The Tazo store will sell more than 80 varieties of loose-leaf tea and other tea products. It will also offer brewing equipment, pastries, packaged chocolates, infused sugars and honey, a spokeswoman said.

Starbucks shares were up 1 percent at $55.71 in afternoon trading on the Nasdaq.

(Reporting by Lisa Baertlein in Los Angeles; editing by Leslie Gevirtz and Andre Grenon)

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