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Answer :
To adapt to economic challenges, Starbucks adjusted its growth strategy by scaling back store openings, reducing executive pay, and focusing on talent development and strategic alliances.
In response to the economic downturn in 2009, Starbucks took drastic measures to stay afloat and adjust its strategy for sustained growth. Among these measures, CEO Howard Schultz significantly reduced his salary, demonstrating a commitment to the company's resilience.
To continue thriving, Starbucks focused on their strength in attracting and cultivating talented leaders, as evidenced by the influx of job applications numbering over 150,000. Moreover, facing increased operating costs and competition both domestically and internationally, Starbucks realized the importance of local knowledge and strategic alliances, especially when expanding into markets like Japan with complex operations and expensive real estate.
Despite store closures and competition, Starbucks remained dedicated to providing a dynamic workplace and involving employees as 'partners' in the business.
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