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Monday, March 3, 2014

No one wants to drive out to Walmart stores anymore

Things are looking tough for our favorite corporate exploiters.
    The world's largest retailer, which gets more than half its sales from groceries, on Thursday gave a disappointing full-year forecast. It blamed sharp cuts in food stamp benefits and higher payroll taxes that will hit disposable income for its core customers. Wal-Mart shares fell 2.2 percent in morning trading.
Walmart helped create the low-wage economy and repugican cabal-style anti-government corporatism that is now, ironically, biting it in its ass. But there's more to the retailer's problems than austerity cuts. Fact is, its business model is increasingly an anachronism.
    Cold weather and a reduction in food stamp benefits aren't the only reasons behind Wal-Mart's lowered fourth-quarter forecast.
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    The big-box discounter is in need of a bricks-and-mortar makeover, analysts said. To resonate with today's shopper, Wal-Mart needs to move its stores closer to major population centers, shrink the square footage of its superstores and shutter about 100 underperforming U.S. locations, they suggest.

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