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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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Thinking of Retirement? This Jeweler Went for the Company That Shares His Values

Richard Frank of Goldstein’s Jewelry in Mobile, Ala., had worked in his family’s store since he was 13-years old. As its owner, he was proud to be at the helm of Mobile’s oldest jewelry store, an AGS, IJO and RJO member business. But there comes a time in every jeweler’s life when a decision must be made regarding the future. And for Frank, that meant turning the store over to new owners. He chose Wilkerson to handle the sale, a decision, he says, made a long time ago. “Their reputation is such that all the things we value are what they value,” he says. And the results surpassed Frank’s own expectations. Would he recommend Wilkerson for other jewelers who are considering a going-out-of-business or retirement sale? “If you’re contemplating a sale to maximize the return on your business, there is no one else in the industry that I could even think of recommending.”

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