Starbucks Corp.’s decision to close all 379 Teavana stores marks the latest mall retail outpost to meet its end.

“Add Teavana to the list of primarily mall-based retailers to bite the dust,” as Instinet analysts put it in a note.

Starbucks SBUX, +0.07% shares slid 8.6% in Friday trading after sales of $5.66 billion missed the $5.76 billion FactSet consensus and the company became “a bit more cautious” about the fourth quarter. The company now expects global same-store sales growth of 3% to 4% for the fourth quarter, and revenue growth on the low end of its 8% to 10% guidance range.

American malls have struggled mightily from falling traffic as more people shop online, diverting dollars for all sorts of mall offerings, including food and drink, away from these commercial hubs.

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Department and specialty stores like Sears Holding Corp. US:SHLD, Gap Inc. GPS, +1.89% , American Apparel, and Rue 21 are just some of the names that have announced store closures in recent months, with thousands of retail stores slated to close this year.

“We conducted a strategic review of the Teavana mall-based store business and concluded that despite our efforts to reverse the trend through creative merchandising and new store designs, the underperformance was likely to continue,” said Starbucks Chief Executive Kevin Johnson, according to a FactSet transcript of the late Thursday earnings call.

Wells Fargo welcomed the move.

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“We believe this is the right decision for the long-term, and importantly, we continue to believe the Teavana brand has tremendous runway both in Starbucks retail stores and in ready-to-drink teas via its partnership with Anheuser-Busch,” analysts led by Bonnie Herzog wrote.

Teavana could capture a large portion of the $1.1 billion premium ready-to-drink tea category in the U.S. in much the same way it has captured the market for ready-to-drink coffee.

Wells Fargo rates Starbucks shares outperform with a $65 price target.

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Starbucks executives are moving Teavana in that direction as well. Johnson says it expects to sell more than $1.6 billion in Teavana beverages through Starbucks stores globally this year. And its tea business has grown 40% in the five years since it launched Teavana in the U.S.

China and Japan are up more than 60% since launching last year.

The company is taking asset impairment and goodwill charges of approximately $100 million in the third quarter as a result of the Teavana store closures. The stores will close over the next several quarters.

Other analysts are looking beyond Teavana to explain their downbeat outlook for Starbucks. Stifel downgraded Starbucks to hold from buy on the fourth-quarter guidance cut, which suggests slowing global and U.S. same-store sales growth with both retail and restaurant pressures to blame. Stifel believes that a deceleration of My Starbucks Rewards members is a risk.

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“My Starbucks Rewards active users increased 8% year-over-year in fiscal third-quarter, the slowest ever rate of growth and the fourth consecutive quarter of decelerating trends,” analysts led by Mark Astrachan, wrote. “Slowing growth is suggestive of maturation, interesting as Starbucks estimates it has slightly over 13 million My Starbucks Rewards members out of approximately 75 million available customers.”

Mobile transactions per store are slowing, up mid-teens year-over-year for the last two quarters, and decelerating on a two-year basis, said the analyst.

Stifel cut Starbucks’ price target to $58 from $66.

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RBC Capital Markets analysts said about 36% of the company’s U.S. revenue in the third-quarter came from Starbucks rewards members, which makes the stall in user growth a cause for concern.

“While the company has credible plans to grow the user base (removing the stored-value card requirement, streamlining the onboarding process, multi-tiered rewards, Chase Visa debit card, etc.) we were disappointed to hear that technology constraints mean it could be late fiscal 2018 before the benefits are experienced in a significant manner,” analysts led by David Palmer wrote.

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RBC sees plenty of reasons to believe sales will improve, including news about cold beverages like Teavana and improved fresh food. But Starbucks may be feeling the pinch from value-minded consumers who are heading to convenience stores and fast-food chains rather than opting for Frappuccinos and other “indulgent” beverages.

RBC rates Starbucks shares outperform, but cut its price target to $63 from $66.