Posted on 01/15/2016 6:25:32 AM PST by kristinn
Wal-Mart said Friday it will close 269 stores across the globe, including 154 in the U.S. The world's largest retailer also will open as many as 405 stores globally in the coming fiscal year, as it shifts its focus toward Supercenters and Neighborhood Markets in profitable locations.
In all, 16,000 employees will be impacted by the store closings, about 10,000 of whom are in the U.S.
Also domestically, Wal-Mart will also close 23 Neighborhood Market stores, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam's Clubs.
(Excerpt) Read more at cnbc.com ...
I guess you already know that Walmart gave or is giving raises to all their people? I think they changed the lowest wage to $10 but wouldn't swear to that. Was the first thing I thought of when I saw this article is that their wage raise made them take a different look at how best to change their business model now that they have the higher wages.
And there you have it. Same here.
Well, they just built and opened a new neighborhood center here in town. There was talk that they were going to close one of their "Super Centers" here, when they built the new super center out on the edge of town, but that hasn't happened and all three stores are now doing plenty of business.
Something is coming, alright, but it will be staved off yet again by FedGov intervention. There was an article here on FR a while back about the contingency plans FedGov had waiting, but never released, int he event the 2008 crash got even worse.
Either that, or the obunghole admin will time it nicely to crash about the time Trump/Cruz are sworn into office.
Dollar General and Family Dollar are eating into thier profits.
I’m with you.....and adding in a large terrorist attack for good measure - a true legacy cementer.
They can’t close all those Walmarts! They are still full of people waiting for the toilet paper shelves to be restocked and shoppers queued at the one checkout lane out of 64 that is staffed!
They’re closing them to make them ready to be ‘detention centers’......./tinfoil off
FYI
Translation:
We are closing stores in poor black and white areas where employee theft and shoplifting are rampant. In addition to the loss by theft is the additional expense of hiring/deploying security to the stores in bad areas. We can’t be bothered trying to service these communities. It isn’t worth it.
Instead we will open even more stores in affluent suburban areas.
LOL! GO WALMART!
A similar thing happened in my hometown. They had a regular store, then built a Sam’s Club, and then built a superstore, all in a rural college town of 45,000.
They are planning to shut down the original store, which only makes sense.
I just heard on the local news in DC, that they are postponing the construction of two DC urban stores. That’s OK, since all the libs didn’t want the jobs anyway.
I hope so, as long as they don’t have to sell their souls to do it.
Meijer is one of the things I miss most being in TX now.
Where they went wrong with signing on to the disasterous $15.00 hr pitting them further and further against mom & pop stores, that and replacing every ‘Made in America” object with crappy Chinese Communist harmful goods!
Movin’ on outta da hood!
Much ado about nothing... the bulk are Wal Mart Express stores (111) which have only been around for about 4 years total as a test of a new concept that clearly didn’t work out.
The rest are just closing some underperforming locations, and of course PR locations, and with PR in the tank financially that’s not shocking at all.
I don’t see this as a bellweather of anything other than the WalMart Express concept clearly failed to perform as they had hoped. If you take the Express and Puerto Rico out you get about 45 store closings... which doesn’t move any needle. Especially if you factor in how many are older smaller older stores that may be getting replaced by a new superstore.. which I suspect is at least a few of these stores as well.
Much ado about nothing... the bulk are Wal Mart Express stores (111) which have only been around for about 4 years total as a test of a new concept that clearly didn’t work out.
The rest are just closing some underperforming locations, and of course PR locations, and with PR in the tank financially that’s not shocking at all.
I don’t see this as a bellweather of anything other than the WalMart Express concept clearly failed to perform as they had hoped. If you take the Express and Puerto Rico out you get about 45 store closings... which doesn’t move any needle. Especially if you factor in how many are older smaller older stores that may be getting replaced by a new superstore.. which I suspect is at least a few of these stores as well.
Well, that’s good news for their oppressed employees #libspeak
Obama isn’t anti-business. He’s anti-small business and anti-free market.
What Obama represents is the Fascist flavor of Socialist economics: command economy with the government calling the shots but with the means of production and service delivery remaining in private hands. With an intent to consolidate those “private hands” into large corporations that can be manipulated and controlled using crony-capitalist methodologies.
Small businesses are too independent, and the free market too uncontrollable, to be allowed to stand. But they’re east enough to progressively reign in and eventually eliminate through a combination of heavy government regulation and the economies of scale leveraged by the big corps.
Who could have guessed?
I will absolutely guarandamntee you that this will be met by protests by people who will claim this will have a disparate impact on poor people. As sure as the sun rises.
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