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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Wal-Mart Makes Rare Retreat on Home Turf Closing of 269 stores includes all 102 U.S. Walmart
Closing of 269 stores includes all 102 U.S. Walmart Express stores, affects 16,000 jobs
By Sarah Nassauer and Kate Davidson
Updated Jan. 15, 2016 7:22 p.m. ET
Wal-Mart is closing more than 150 stores in the U.S., a rare retreat for the behemoth on its home turf, capping what has been a difficult year for retailers as shoppers slowed their spending pace and accelerated their shift to the Internet.
Economic data released on Friday showed the U.S. economy entered 2016 with little momentum from one of its key sectors. U.S. retail sales fell 0.1% in December, and were up just 2.1% for all of 2015, compared with a 3.9% annual gain the previous year, the Commerce Department said on Friday. That was the weakest year for sales growth since the end of the recession in 2009.
The exceptionally weak December sales figure is a bit of a head scratcher, J.P. Morgan Chief U.S. Economist Michael Feroli said. Job growth was booming last month, gas prices were down, sentiment measures were up, and warmer-than-normal winter temperatures prevailed last monthwhich historically tends to boost retail sales.
Faced with slow-growing sales and the shift to online shopping, Wal-Mart Stores Inc. has been pouring money into e-commerce activities and store employee wages, moves that have depressed profits and its share price. Now, the worlds largest retailer by sales is joining smaller chains, including Macys Inc. and Gap Inc., in shrinking its U.S. footprint.
http://www.wsj.com/articles/wal-mart-to-close-269-stores-globally-1452868122?mod=e2fb
No love lost for Mall Wart, but feel bad for all of the people losing their jobs, as there are many families that depend on the income just to survive.
Peace,
Ghost
yeoman6987
(14,449 posts)But not really bad for Walmart since they are opening up 300 stores in 2016. The mini Walmart didn't sound like a good idea when I first heard it.
Kingofalldems
(38,458 posts)Don't understand.
840high
(17,196 posts)Response to Kingofalldems (Reply #2)
RandiFan1290 This message was self-deleted by its author.
brewens
(13,587 posts)get a new one that day. My girlfriend that lives out of town was coming to stay with me and bringing one of her granddaughters. I had promised pizza and movie night.
So I go online to see who locally might have the best deal on a new cheap DVD player. Walmart had what looked to be a good choice and I see their "site to store" option. Buy it online and just go in and pick it up at the "site to store desk". Sounds pretty sweet right? Nyet so fast! The freakin' "site to store""desk" is just a sign up behind the customer service counter! I end up in line with all the returns or whatever. Only one clerk working it too! I could easily have just gone back to electronics, grabbed the one I ordered, paid for it right there, and walked right out!
Sherman A1
(38,958 posts)Wal Mart needs to readjust their business model and this is perhaps part of doing so. Online shopping is part, paying their employees poorly for years and driving out good paying jobs is another and an aging baby boom who simply don't need that much "stuff" anymore is yet another. When they moved into groceries years ago, the handwriting was already on the wall.
They had the answer, but simply did not and apparently still do not understand the question.
dembotoz
(16,804 posts)where i live they put up one of those mini stores like 2 miles from a supercenter.
guess the learned that unlike starbucks, they can not put a walmart on every corner.....
expensive lesson perhaps but not crippling