Howard Schultz, Starbucks chairman, president and CEO, opened the conference by reaffirming the company's commitment to its core values and principles. He outlined an operating approach that includes maintaining the loyalty of core customers through continued innovation and rewards, raising the bar on operational excellence and taking an aggressive approach to cost savings.
"The entire retail sector is operating in a very tough economic environment. While Starbucks has not been immune to the decline in consumer confidence, we are fortunate to have a world-class brand and a loyal customer base," said Schultz. "In this environment it is critical to put our feet in the shoes of our customers."