California’s Fast Act legislation took effect Monday, mandating all fast food chains to raise their minimum wage to $20 per hour. Pretzel Power Inc & Johnson Java LLC CEO Alex Johnson joins Market Domination Overtime to discuss the implications of this law on his business operations.
Johnson states that the legislation has forced him to raise prices at his franchise locations, saying, "This is truly something I don’t want to do." He notes events like the COVID-19 pandemic have previously resulted in price increases, which ultimately impacted sales. Johnson expresses concern that customers will "trade-off" to other food options in the face of higher costs.
For the time being, Johnson is not looking to open any new locations. He highlights that workers benefiting from the bill express fears that living costs in the state will rise even more as a result of the new minimum wage, potentially "compressing their spending power even more."
#youtube #food #stockmarket
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
