I truly can't stand going into Walmart. Full of disengaged employees and incompetent managements but still, sucks for the employees that will lose there jobs and it's still hard to find a job around here.
Sorry to see people losing their jobs. The vast majority of the closings are located at the southeast 1/4 of the US. None here in Arizona where there's three Walmart Supercenters within 20 minutes of my house.
A shame since hundreds of workers will lose their jobs. That said, capitalism doesn't always favor the big dogs, even if they're offering better prices and especially if their reputation is questionable whether if its deserved or undeserved.
@foxhound_fox: No it's not. The economy is just changing, lots if stores are being killed by online stores. Thank Amazon for that, and Wal Mart having too many stores, well beyond a reasonable amount.
And that is why we were begging the fed not to raise interest rates. The economy was already teetering on deflation, and this insignificant , symbolic rise only sped up the process. Unlikely we're avoiding a recession before Obama leaves office.
They said because of e-commerce and increased wages.
I say because QE3 ended and the Fed raised rates. Now all the businesses are in panic mode. Businesses are left suffering with junk bonds, the super bubble of the bond market is going to implode if it continues.
@Stesilaus: A late xmas present would you being banned. Hate to break it to you, but the usa is and will forever be stronger than Russia. Russia will fall again years before the usa does.
Don't believe it? Well you'll believe it next winter ... while you're using a hatchet to chop down the second-to-last room of your home for firewood.
And you'll definitely believe it in the winter of 2017 ... while you're using the same hatchet to chop up your children for food!
:-P
I saw the data of wholesales, retail, industrial production, financial stocks, bonds, auto, etc... they're all losing air since they ended QE3 and tanked when they raised rates. People are still in denial though. The subprime auto industry is gonna burst and crash.
I saw the data of wholesales, retail, industrial production, financial stocks, bonds, auto, etc... they're all losing air since they ended QE3 and tanked when they raised rates. People are still in denial though. The subprime auto industry is gonna burst and crash.
Loading Video...
Mainstream media, like CNBC, are finally admitting what the free, independent press has been warning of for years because the signs of imminent collapse can no longer be denied.
In his essay, The Chart That Explains Everything, essayist Mike Whitney reveals the insidious policy that has inflated the stock market at the expense of the real economy and reaches an appalling conclusion: The blame lies not only with Wall St and the Fed, but also with Congress and the Obama administration.
@TheWalkingGhost: rate hikes control inflation. Rate decreases, along with printing money, are Hail Mary attempts to avoid deflation. Deflation always results in recessions, and usually depressions back during the gold standard years. With fiat currency, the central banks would have to engage in all out currency terrorism to send a country into a depression.
The world economy is right now stuck in stagflation mode. Every central bank is artificially lowering the value of their currency to stave off deflation, and our brain dead fed reserve thought it was time to do a symbolic rate hike, to both prove the US economy is strong, and the fed is still in control. Unfortunately it was a bad decision, our dollar immediately strengthened, taking out China, and now the Fed has a deflation crisis on their hands. Stronger dollar, usually means cheaper imports and fewer exports. So it won't take long for American manufacturers, the few we have left anyways, to start feeling the crunch and start laying off.
It seems worth noting that a huge part of these stores that are being closed are smaller scale stores essentially designed to compete with food stores slightly larger than gas stations or in some cases actual gas stations. It was an experiment that they started 4-5 years ago (which are things many businesses do to see if they can increase profits) that didn't pan out.
Too bad for the people loosing their job but it´s not like they are closing those Super Centers. Here in Mexico Walmart super centers have fierce competition from other companies, just for you to have an idea in my hometown there are:
4 Walmart Supercenters
4 Chedraui Supercenters
3 Sorianas
1 HEB ( which should count as a Soriana since it´s parent company is Soriana )
2 Comercial Mexicana
2 Mega Comercial Mexicana
3 Casa Ley
2 Costco
2 Sam´s
All of them huge, in order to compete more Walmart has a partner company in Mexico called Aurrera, in my hometown there are 3 Bodega Aurrera, and multiple mini Bodega Aurrera ( I know 5 of them ) which are mini super markets ( pretty much 3X the size of a 7 Eleven or something like that ), that kind of stores are the ones Walmart is closing like Serraph mentioned. So it´s not the "demise" of Walmart.
It seems worth noting that a huge part of these stores that are being closed are smaller scale stores essentially designed to compete with food stores slightly larger than gas stations (or in some cases actual gas stations. It was an experiment that they started 4-5 years ago (which are things many businesses do to see if they can increase profits) that didn't pan out.
That's true. The Wal-Mart grocery stores aren't closing where I am. There's two of those plus three Wal-Mart supercenters within 30 minutes of my house. It's surprising because the supercenters are like a Target and a supermarket combined. The smaller stores seem redundant to me.
Maybe not. It looks like the Wal-Mart grocery stores are by the apartment sections of town (within walking distance) while the supercenters are by the residential/subdivision areas.
When one of the cheapest companies in the world has to close HUNDREDS of stores, that is very bad news for the economy.
Yeah, I was thinking the same thing. And Puerto Rico losing seven of their stores? That's a huge blow to them.
Again, many of these stores are smaller stores designed to compete with convenience stores which sell things at higher prices than your average Walmart.
@JustPlainLucas: Again, no. Wal Mart is getting killed by online stores and they have too many stores, only a matter of time no matter the economy. Stop with the sky is falling crap. Wal mart said most would be transferred anyway.
I saw the data of wholesales, retail, industrial production, financial stocks, bonds, auto, etc... they're all losing air since they ended QE3 and tanked when they raised rates. People are still in denial though. The subprime auto industry is gonna burst and crash.
Loading Video...
Mainstream media, like CNBC, are finally admitting what the free, independent press has been warning of for years because the signs of imminent collapse can no longer be denied.
In his essay, The Chart That Explains Everything, essayist Mike Whitney reveals the insidious policy that has inflated the stock market at the expense of the real economy and reaches an appalling conclusion: The blame lies not only with Wall St and the Fed, but also with Congress and the Obama administration.
@MonsieurX: The people being alienated and treated like slave labour will now hopefully realise that they are worth much more as this corrupt company begins to collapse.
@MonsieurX: The people being alienated and treated like slave labour will now hopefully realise that they are worth much more as this corrupt company begins to collapse.
I have a really hard time feeling sorry for such a horrible company. Throughout my childhood I watched this behemoth company literally destroy 90% of the small business in my home town. They deserve to go down in flames even knowing how badly we need sustainable quality jobs, Walmart is not the answer.
Anyway, sucks for those who lose their jobs, but I have been narrowing my Wal-Mart trips more and more. I go to a local owned grocer called Harmons and I mostly get games from online and occasionally, I go to a local shop called Greywhale.
@doozie78: Sounds like you are railing against the American way. Don't blame Wal Mart. Businesses are encouraged to do what they have done. Blame the system.
The one across the bay here from SF is closing in Oakland. 400 jobs down the drain. Oakland is already the murder capitol of the entire US. and lots of lots of crime. This can only make it worse. I can't imagine whats going to happen ?
How could it be good news that a lot of people lose their job?
I don't see any body celebrating that these stores are closing. Maybe there were some posts that did that, which you guys saw, but were deleted before I saw this thread.
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