- If you're looking for a bear on the retail industry, look no further than Starbucks (SBUX) CEO Howard Schultz.
- During his company's earnings conference call, Schultz didn't blame the weather, strapped consumers, or heavy promotions for comparable-store sales falling below expectations as he warned on a larger trend: A lack of boots in the streets.
- "Holiday 2013 was the first in which many traditional brick-and-mortar retailers experienced in-store foot traffic give way to online shopping in a major way," said Schultz.
- He says the "pronounced" shift in consumer behavior is accelerating and isn't likely to reverse, but Starbucks is one of the few B&M chains well-positioned to evolve while the ground crumbles around the retail landscape.
- Starbucks earnings call transcript
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Retail bear emerges on Starbucks earnings call
Jan 24 2014, 08:11 ET