A few entries back we talked about the inevitable retail impact of soaring gas prices.
Today, we got some proof from the Starbucks coffee chain. Second-quarter earnings are down 28 percent, customer visits are tumbling, expansions have been placed on the back burner and CEO Howard Schultz — the same guy who’s suing to keep the Seattle Supersonics he once owned from moving to Oklahoma City — blames the gas pump.
Locally, we hear rumblings that foot traffic continues to plummet in Wichita-area restaurants. Wichita movie mogul Bill Warren said fuel is eroding his bottom line as well.
The retail fallout from gas prices is like a thunderstorm rolling in from the west. Stay tuned for the damage reports.