Wal-Mart CEO Toasts Recession

[One Sweet World]

Cross posted at Daily Kos

To most Americans, the signs that our economy is taking a dive is stressful and worrisome news. But to Wal-Mart CEO Lee Scott, it's time to celebrate! According to the Economist article "Recession is good news for Wal-Mart," the retail behemoth is banking on the theory that consumers will be so down and out that they'll have scavenge Wal-Mart for basic goods.

Scott can hardly contain his glee:

"WE know the economy will be a critical factor this year," said Lee Scott, the boss of Wal-Mart, as the world's biggest retailer released its quarterly results on February 19th.... Mr Scott concluded that in a volatile economy Wal-Mart was "well positioned to succeed".

Can't you just see Scott raising a glass of bubbly to the news that millions of Americans will loose their paycheck?

I'm doing some work with Wake-Up Wal-Mart to try to spread the word about Wal-Mart's destructive business practices.

We're not trying to put them out of business, but to encourage them to reform. If stores like Target and Costco can be socially conscience, then Wal-Mart can, too.

[tanyev]

1. So the recession is working out very well for them.

[Warpy]

2. Uh, recession was BAD NEWS for Wally's this past Xmas

Their parking lot was half empty. The parking lot at The Dollar Store across the street was jammed.

That's a measure of falling expectations, folks. Wally's is now too expensive for holiday shopping. It's cheap little toys at the Dollar Store.

All I saw people buying when I went in for my cheap scrips was food.

[ayeshahaqqiqa]

7. It was that way here, too

More folks shopping Fred's and Dollar General than Wally World.

[DaveJ]

3. Economic cannibalism

They also do well when good qualified people lose their jobs, and resort to working there.

[One Sweet World]

6. Target and Costco

And if you go work at Wal-Mart, you're likely to have to forfeit a good deal of your health insurance. Trying to get Wal-Mart to pay basic health insurance needs is like pulling teeth. That's not the case at Costco, by the way.

[ayeshahaqqiqa]

4. Report from Wal-Mart Country

The town where I work has Wal-Mart Store #2, so you know its influence has been around the longest. Interestingly enough, fewer and fewer folks are shopping at the latest version of #2, the superstore on the outskirts of town. The downtown is revitalizing, with a Farmer's Market in season and a monthly Art Walk and festivals during the year. The old movie theater is now a live arts theater, there are several antique stores, a health food store, offices, pharmacies, and new and used clothing stores.

Most folks frequent the MANY used clothing stores in town, as well as the surplus grocery and salvage grocery stores. Folks I talk to say Wal-Mart's quality is way down and the people who work there are unfriendly. They prefer the superior service and quality of the mom and pop stores.

So take that, Scott.

[lligrd]

5. I Will Do Without Before I Ever Step Into A WalMart nt

[SpiralHawk]

8. Typical anti-American republicon homelander

Disgusting...

[One Sweet World]

9. Join the good fight

Check out the Wake-Up Wal-Mart blog today!

[Buzz Clik]

10. "When the economy is bad, the public will be forced to by our inferior shit."

:bounce: :headbang: :woohoo: :grouphug:

[lurky]

11. "Inferior goods"

Is what they called in in my Econ 101 class. Certain producers do better in downturns because nobody can afford the good stuff. This would look to be good for Wal-mart. But if Mall-Wart is losing money and the 99 cent stores are gaining, then we are in real trouble.

[One Sweet World]

16. Wal-Mart celebrates recessions

The difference is that the Wal-Mart CEO seems to express genuine glee with people having their wallets stretched thin.

[fasttense]

12. Yeah but even Wally's expected retail sales profits slumped

in 2007 and 2008. A short recession might temporarily help the sale of their tainted foods and products but a long recession will hurt them too.

Maybe we'll get another one of those imaginary job-less recoveries and we can all shop at the Good Will.

[asdjrocky]

13. Here's how I feel about Wal-Mart:

I'm on it. And so is my email list of more than a hundred people. Thanks for bringing this.

[zbdent]

14. keep supplying foreign-made products at lower costs than US made products

until the Americans get their jobs back and can shop there for the bigger-ticket items ...

[samplegirl]

15. Not me.......

I'd rather eat stone soup than go to Walmart for anything!