The air of invincibility that has followed Starbucks on its path to global success may have taken a beating after the first quarterly loss in its history, but its development plans remain intact for the British market.

Undaunted by the closure last week of 61 of its 84 Australian stores and the start of a 600-store closure programme in the United States, the company said this weekend that it saw Britain as a solid growth market with untapped potential.

Phil Broad, Starbucks' managing director, UK and Ireland, said that despite a “slight decline in traffic” in the three months to June 29, the group's third quarter, it was on track to meet its target of 100 new stores by the end of the financial year. It had opened 78 so far, taking its total to 679.

The Times