The Starbucks Recession, Dave Ramsey Implicated in Phantom Recession’s Impact on Starbucks, AKA - Fivebucks
April 8th, 2008 | by admin |
You know how all those Suze Orman/Dave Ramsey/David Bach types, when they talk about getting out of debt and saving some money, tend to start by saying you should give up that $4 cup of Starbucks in the morning? Well, Americans appear to be taking their advice, on a mass scale.
“You’ve got a consumer that clearly is under tremendous pressure,” said Howard Schultz, now 12 weeks into his second stint as Starbucks CEO, on a visit to Time yesterday afternoon. “For the first time in our history as a company, we have negative traffic this year vs. last.”
Now Schultz surely has his reasons to paint Starbucks’ recent troubles as mostly recession-related and not the result of competition from Dunkin Donuts or, God forbid, McDonalds (where the coffee is, Schultz said, “swill”). But he’s still got a front-row seat on the recession, which makes what he says interesting.
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