• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
RetailStarbucks

Starbucks CEO to baristas: stock market drop may stress out customers

Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
August 24, 2015, 3:32 PM ET
Starbucks Avoids UK Tax Bill
LONDON, ENGLAND - OCTOBER 16: The signage on a branch of Starbucks Coffee on October 16, 2012 in London, England. It has been reveled that Starbucks, the world's second largest coffee chain, has paid no tax in the UK for the past three years despite sales exceeding 1 billion GBP. Since first trading in the UK in 1998 Starbucks has paid 8.6 million GBP in income tax with total sales of over 3 billion GBP in the same period. (Photo by Oli Scarff/Getty Images)Photograph by Oli Scarff — Getty Images

Starbucks (SBUX) CEO Howard Schultz has called on baristas to be extra patient with customers on Monday, given the dramatic stock market swoon that no doubt has left countless coffee addicts anxious about the state of their retirement holdings.

As of mid-afternoon, the Dow Jones Industrial Average was down 4%, continuing a difficult run for stocks. (The stock markets pared some of their earlier losses, but 4% is still gigantic.) That means that Starbucks’ often affluent clientele is probably feeling the pinch, and could use a bit more love from their neighborhood barista.

“Today’s financial market volatility, combined with great political uncertainty both at home and abroad, will undoubtedly have an effect on consumer confidence and perhaps even our customers’ attitudes and behavior. Our customers are likely to experience an increased level of anxiety and concern,” Schultz told staff in an email obtained by Fortune. Fusion earlier reported on the email.

“Let’s be very sensitive to the pressures our customers may be feeling, and do everything we can to individually and collectively exceed their expectations,” he told his “partners,” Starbucks terminology for employees. Starbucks did not immediately respond to a request for comment.

He’s probably in need of a bit of TLC himself: the 5% drop in Starbucks’ stock price has reduced the company’s market value by more than $4 billion. Since Schultz owns nearly 32.6 million shares, according to Yahoo Finance, that means he is worth $86 million less than this morning.

Here is the full email Schultz sent to staff:

To: Starbucks partners; managing directors for company-operated and joint venture markets
Date: August 24, 2015
Re: Message from Howard: Leading Through Turbulent Times

Dear Partners,

During our 23-year history as a public company, we have experienced – and successfully navigated through – several periods of extreme stock market volatility. And although we are not immune from the global stock market selloff that has now made its way to Wall Street, my confidence in our company and in all of you has never been greater. We are in the midst of another record-setting year – combining our unique “third place” in-store experience with highly relevant coffee and tea innovation and differentiated customer-facing mobile and digital technologies. We are making a profound social impact in the communities we serve around the world, and will continue to do so today and into the future.

Our company has weathered many different types of storms. But our brand has never been stronger or more relevant. Our pipeline of new products and breakthrough innovation has never been more robust. And our long term commitment to delivering an elevated partner experience is unwavering. I can assure you that we will continue to lead and manage the company through the lens of humanity, doing everything we possibly can to continue to make your families proud of our company and all we stand for. You have my word on this.

Today’s financial market volatility, combined with great political uncertainty both at home and abroad, will undoubtedly have an effect on consumer confidence and perhaps even our customers’ attitudes and behavior. Our customers are likely to experience an increased level of anxiety and concern. Please recognize this and – as you always have – remember that our success is not an entitlement, but something we need to earn, every day. Let’s be very sensitive to the pressures our customers may be feeling, and do everything we can to individually and collectively exceed their expectations.

Our growth plans for the future of our company will not be impacted by the turmoil of the financial markets. We will positively manage through today’s challenging environment just as we have positively navigated through challenging moments in the past. The experience we deliver in our stores, the strength and equity of our brand, and the primary reason for our current and future success is because of all of YOU. I believe in you and have never been prouder to be your partner.

Onward,

Howard

About the Author
Phil Wahba
By Phil WahbaSenior Writer
LinkedIn iconTwitter icon

Phil Wahba is a senior writer at Fortune primarily focused on leadership coverage, with a prior focus on retail.

See full bioRight Arrow Button Icon

Latest in Retail

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Retail

Matt Damon and Gary White.
EnvironmentWaters
Corporate America has been draining the world’s water. Matt Damon’s new campaign calls on Gap, Starbucks, and Amazon to help give it back
By Catherina GioinoJune 9, 2026
17 hours ago
Chinese beauty brands flock to Southeast Asia as their first step in going global
RetailChina
Chinese beauty brands flock to Southeast Asia as their first step in going global
By Angelica AngJune 9, 2026
1 day ago
John Furner, CEO, Walmart US
SuccessCost of living
Walmart CEO John Furner says even wealthy shoppers are now shopping at the discount grocery chain as high prices stretch six-figure earners
By Emma BurleighJune 8, 2026
2 days ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
SuccessThe Promotion Playbook
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Gas over $4 looks like tipping point as Walmart customers don’t fill tanks, fast food loses cheapest diners
Retailgas prices
Gas over $4 looks like tipping point as Walmart customers don’t fill tanks, fast food loses cheapest diners
By Anne D'Innocenzio and The Associated PressJune 7, 2026
3 days ago
Allison Sheehan
SuccessJobs
This Gen Zer got reprimanded at Goldman for making cake videos as the ‘Investment Baker.’ She quit her job and is building a dessert empire
By Emma BurleighJune 7, 2026
3 days ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
1 day ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
14 hours ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
1 day ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 8, 2026
Personal Finance
Current price of oil as of June 8, 2026
By Joseph HostetlerJune 8, 2026
2 days ago
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Success
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJune 7, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.