Starbucks store traffic 'shot through the roof' in areas with higher vaccination rates, CEO says
Starbucks
- Starbucks saw foot traffic go "through the roof" in areas with higher vaccination rates.
- The CEO attributed the rise in foot traffic to higher vaccination rates and relaxed COVID restrictions.
- Retail stores saw nearly 30% more foot traffic in March compared to January, data shows.
- See more stories on Insider's business page.
Starbucks CEO Kevin Johnson said the company has seen a lot more people stopping into stores in areas where vaccination rates are higher.
"Consumer mobility shot through the roof and we started seeing traffic increasing in our stores" where vaccination is more widespread, Johnson told CNBC's Jim Cramer during an episode of CNBC's "Mad Money."
The exec attributed the rise in foot traffic to how governments are responding to higher vaccination rates and lower COVID case counts.
"When at least 35% or more of adults were vaccinated against the virus in a market, governments begin easing COVID restrictions, making way for business to rebound," Johnson told CNBC.
He said the US is setting the bar for how other countries can reopen their economies following larger vaccine efforts.
"We now see that happening in Mexico, we're starting to see that happen in Europe," Johnson told CNBC. "Every market around the world is going to see exactly what the United States has experienced here over the last 90 days."
Following an ease in COVID restrictions and an increase in vaccinations, US stores like Walmart and Target have reported an increase in store shoppers.
Retail stores saw nearly 30% more foot traffic in March 2021 compared to January, according to Small Business Trends data, and the amount of people shopping in person is up 12.5% compared to last year, indicating shoppers were returning to stores more following the wider vaccine rollout.
from Business Insider https://ift.tt/2T4HaNG
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