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Starbucks predicts financial catastrophe

23 October 2008 - In August, Starbucks announced that it will open a store in Amsterdam. This may be a bad sign, if we are to believe the Starbucks theory of international economics as proposed by Slate Magazine's Daniel Gross.

Gross noticed that Starbucks stores tend to be concentrated at locations that also play a key role in today's economic crisis. In Manhattan alone, there would be close to 200 stores (the Starbucks store locator found 31).

He admits that there are a few exceptions to the geographic correlation between Starbucks and crisis - one he does not mention is the complete absence of Starbucks stores in Iceland. However, these would be but exceptions to Starbucks' association with 'catastrophic financial losses'.

"Starbuck's frothy treats provided the fuel for the boom, the caffeine that enabled deal jockeys to stay up all hours putting together offering papers for CDOs, and helped mortgage brokers work overtime processing dubious loan documents. Starbucks strategically located many of its outlets on the ground floors of big investment banks", Gross argues.

Not only is Starbucks a predictor of crisis, it is also a victim. In America, the chain will be closing 600 stores.

Slate Magazine (thank you Kees for the tip). See also: Amsterdam Starbucks may face protest. Photo: Seth Werkheiser

 

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