Wal-Mart to Close New York Apparel Office

(Bloomberg) Wal-Mart Stores Inc., the world’s largest retailer, is closing its New York apparel office as it works to reduce costs and focus on more basic clothing.

The office on Broadway between 37th and 38th Streets opened in 2009 and has about 275 employees handling functions including product development and buying for Bentonville, Arkansas-based Wal-Mart. Those functions will be transferred to offices in the company’s hometown by Feb. 1, according to a memo obtained by Bloomberg.

U.S. Chief Executive Officer Bill Simon is focusing on basic apparel after attempts to appeal to more fashion-focused shoppers failed. Wal-Mart told investors this month that purchases of items such as socks, jeans and underwear were improving while overall comparable-store clothing sales still were declining.

“We don’t need to be on Broadway to sell socks and underwear and T-shirts,” David Tovar, a Wal-Mart spokesman, said today in an interview. .............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-10-26/wal-mart-to-close-new-york-apparel-buying-office.html

When you import 3rd world economics to where you eat and live, and cause the decline of income of the populace you sell too. It will eventually consume you too.