Monday, April 12, 2004 :::
Lowry on WalMart:More than 90 percent of Wal-Mart employees have health insurance. Half of those get their insurance through the company, and the rest through other means, whether their parents, or spouse, or Medicare. Many Wal-Mart employees are young people or semi-retired, and thus aren't supporting families. Employment there can be an escalator to success. Two-thirds of the stores' managers are former hourly employees.
Meanwhile, the competition howls about Wal-Mart for good reason ? because it almost invariably gets out-hustled, out-discounted and altogether out-retailed. FAO Schwarz, the pretentious toy seller, has nearly been bludgeoned out of business by Walton's creation. Such is the cost of selling overpriced toys in the age of Wal-Mart. Yes, the killer store snuffs out charming local retailers, but most consumers simply value convenience and low prices more than charm.
All across America, shoppers have voted with their cash and charge cards. Almost a third of all disposable diapers and hair products are purchased at Wal-Mart. No other store sells more groceries, toys, or furniture. This is a boon for lower-income Americans who spend a disproportionate amount of their income on retail goods. As a Federal Reserve economist has said, "Wal-Mart is the greatest thing that ever happened to low-income Americans." Labels: Wal-Mart
::: posted by Steven at 3:15 PM
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