WASHINGTON, Nov. 7 /PRNewswire/ -- On Friday, November 8, Earvin "Magic"
Johnson, chairman and CEO of Johnson Development Corporation (JDC), will team
up with Howard Schultz, chairman of Starbucks Coffee Company, to celebrate the
opening of the first Starbucks/JDC joint venture store in the District of
Columbia. The store, which opened on October 15, 2002, is located at 2225
Georgia Avenue, NW at Howard University.
Johnson and Schultz will address Howard University business students at
the School of Business, located at 2600 Sixth Street, NW at 9:30 a.m. A grand
opening event for all students and members of the community will take place at
12:15 p.m. The celebration will include a formal speaking program and
"Our partnership with Starbucks allows us to bring quality products and
services to ethnically diverse communities, as well as establish job
opportunities for members of these communities," said Johnson. "We are
confident that the Howard University store will create a positive work
environment and provide a place where neighbors and students can gather and
enjoy great coffee and conversation."
"Starbucks and JDC both take pride in enriching the communities in which
we do business," said Schultz. "In addition to providing a gathering place
for coffee and conversation, we work with local non-profit organizations to
develop long-term relationships that will benefit the community."
In February 1998, Starbucks and JDC formed Urban Coffee Opportunities, LLC
(UCO), a joint venture to enhance the development of Starbucks retail stores
in ethnically diverse neighborhoods across the country. Starbucks and JDC
both recognized there was a segment of the market that could support further
economic development of major high-end retailers. As a result, the two
companies began discussions on how they could work together to open Starbucks
locations in these communities. This endeavor combines the retail strength of
Starbucks with JDC's knowledge of real estate in key metropolitan markets.
The Howard University coffeehouse is one of 37 UCO locations throughout the
"Howard University is our first joint venture location in the District of
Columbia. We are proud to have opened a store in this key community," said
Ken Lombard, president of JDC. "Through our relationship with Starbucks, we
will continue to make a difference in communities throughout the country."
JDC, a company formed in 1994 by Johnson, is comprised of five separate
companies, each functioning independently to serve as a business stimulus,
foster local economic growth and create financial empowerment in long
neglected minority urban and suburban neighborhoods. JDC develops
entertainment complexes, restaurants, coffeehouses and retail centers. The
development projects provide jobs and employ local minority contractors in the
communities in which they operate.
Starbucks Coffee Company is the leading retailer, roaster and brand of
specialty coffee in the world, with more than 5,000 retail locations in North
America, Latin America, Europe, the Middle East and the Pacific Rim. The
company is committed to offering the highest quality coffee and Starbucks
Experience while conducting its business in ways that produce social,
environmental and economic benefits for communities in which it does business.
In addition to its retail operations, the Company produces and sells bottled
Frappuccino(R) coffee drinks, Starbucks DoubleShot(TM) coffee drink, and a
line of superpremium ice creams through its joint venture partnerships. The
Company's other brands enhance the Starbucks Experience through best-of-class
products: Tazo Tea Company offers a line of innovative premium teas, and Hear
Music produces and distributes a line of exceptional compact discs.
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SOURCE Starbucks Coffee Company