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Starbucks CEO Says Retail Is Undergoing a ‘Seismic Change’

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The Walmart and Macy’s store closings may be foreboding.

In a quarterly-earnings call last week cited by Business Insider, Starbucks CEO Howard Schultz intimated that the recent Walmart and Macy’s store closings point to a larger consumer trend in the retail industry. In the context of those store closings, he spoke about consumers’ waning taste for brick and mortar. “I think we said three years ago publicly that we began to envision that there would be a seismic change in consumer behavior, and that seismic change was due in large part to e-commerce and smartphone shopping,” Schultz says.

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