Starbucks Acquires Remaining Interest in Magic Johnson Enterprises' Urban Coffee Opportunities
Posted on October 21, 2010
Starbucks Corporation has announced the acquisition of Magic Johnson Enterprises' remaining 50 percent interest in Urban Coffee Opportunities (UCO). In 1998, Johnson Development Corporation (JDC), a division of Magic Johnson Enterprises, and Starbucks Coffee Company entered into a 50/50 partnership to build Starbucks stores in underserved neighborhoods.
Over the tenure of the partnership, more than 100 UCO locations were opened in cities including Los Angeles, New York, Seattle, Chicago, Denver, Detroit, Atlanta, San Diego, San Francisco and Washington, D.C.
Magic Johnson said, "Through our partnership with Starbucks, we were able to serve as an economic catalyst in urban cities through the creation of new jobs, use of local suppliers, support for community-based organizations, and by attracting other retailers to the area. Our success also validates the loyalty and support of urban consumers to companies who bring quality products and services which meet their needs into their communities."