Starbucks CEO: It's a dire time for brick-and-mortar retailers

The new chief of Starbucks is making his view clear when it comes to what's happening with the retail brick-and-mortar sales environment, calling the changes taking place a "seismic shift in consumer behavior."

Kevin Johnson's remarks, according to Fortune, were made during the new CEO's first-ever quarterly earnings discussion and cited a Wall Street Journal report noting nearly 2,900 store closings taking place this year.

"The article illuminated once again the seismic shift in consumer behavior underway and the devastating impact that this sea change in behavior is having on many traditional brick and mortar retailers," Johnson stated during the report presentation, according to Fortune.

"The retail industry is going through a disruption right before our eyes," Johnson said.

Topics: Financial News, Trends / Statistics

Companies: Starbucks

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