Starbucks Corp. (SBUX) said Thursday that it has acquired Magic Johnson Enterprises' remaining 50% interest in Urban Coffee Opportunities following a successful 12-year partnership.
In 1998, Johnson Development Corp., a division of Magic Johnson Enterprises, and Starbucks Coffee Co. entered into a 50/50 partnership to build Starbucks stores in underserved neighborhoods. The partnership's goal was to create economic opportunity and a stronger sense of community in the neighborhoods it served.
Over the tenure of the partnership, more than 100 Urban Coffee Opportunities locations were opened in cities including Los Angeles, New York, Seattle, Chicago, Denver, Detroit, Atlanta, San Diego, San Francisco and Washington, D.C. Starbucks stores in the Harlem neighborhood of New York City, the Bronzeville neighborhood of Chicago, and the Crenshaw district in Los Angeles all anchored redevelopment of the areas.
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