New Coca-Cola CEO Wrongly Blames Connected Society For Sales Decline
Nothing sadder than when a CEO refuses to accept the changing landscape and instead points fingers at other “happenings.” Case in point below, the newly installed CEO of Coca-Cola (KO) is blaming our Connected Society investing theme for hurting soda volumes. While we admit fewer people are going to the mall, there are other headwinds impacting Coke’s business that arguably have a more direct impact than the Connected Society. Perhaps he should become familiar with our Food with Integrity and Cash-strapped Consumer themes. But hey, that’s what we see as impacting Coke’s soda sales…. after all, one can still order Coke products through online grocers.
Coca-Cola CEO James Quincey only started his new gig on May 1, and in an interview with Bloomberg News, he lays out several factors in flat soda sales. There’s the obvious trend away from consuming gallons of sugary beverages, but Coke has also been hurt by some of the changes consumers have made in their general shopping habits.
“Digital is changing the way you behave,” explains Quincey. “It affects other categories that are not the primary reason you thought about making the shopping trip.
”So when you no longer go to the mall, or the hardware store, or to any of the many retailers that have gone bankrupt in the last two years, you’re also no longer making that impulse buy of a Coke at the checkout line, food court, or vending machine.
Source: New Coca-Cola CEO Blames Online Shopping For Sales Decline – Consumerist
