Starbucks "Infills" Markets

Today I read that Starbucks wants to "infill" which means putting 2 Starbucks on every corner. The hub of my city already has two Starbucks locations, one next to Best Buy and Barnes and Noble, the other a block or two a way on the corner of a busy intersection.

As the parking lot and building where the second Starbucks was being built I thought "they have to be closing the old one down right?" Apparently I was wrong, and when I started putting things together it made sense to me.

The old Starbucks had enough problems keeping up with the morning rush from the adjacent office complex. The crowds only get worse as moviegoers from the Edwards Cinema across the street meet up for coffee. A second Starbucks would be able to siphon off excess traffic and provide a calmer atmosphere for the crowd shy.

After the "new" Starbucks was finished I noticed the new one had a jam packed drive thru. I thought "is the "old" Starbucks going to survive?" I rushed over to the "old" Starbucks only to find it just as crowded as it always had been. Maybe this "infill" idea is going to work?

One thing Starbucks should be worried about is backlash. I don't think "infilling" is great for every community. There will definitely be some sort of opposition in certain communities that feel Starbucks is taking over their neighborhood.

That said, I'm thinking about Starbucks stock. The P/E is kinda high for my tastes (Currently 53.57) but I do think Starbucks will continue to grow rapidly over the next year.