Marketplace: Wetzel's Pretzels' CEO says minimum wage increase boosts business
By Sam Harnett
Marketplace, February 17, 2017
CEO Bill Phelps says his thoughts on minimum wage have evolved. In 1994, Phelps co-founded the fast food chain Wetzel’s Pretzels, which has almost a hundred outlets in California. ...
The state increased the minimum wage in mid-2014 and raised it again Jan. 1 on its path to reach $15 per hour by 2022.
Phelps worried increasing wages for his employees would cut into profits and that if he raised prices to compensate, fewer people would come eat and sales would drop. But something else happened entirely. Sales at his California stores...