Wednesday, December 15, 2010

Wal-Mart in the News

   Apparently folks in New York aren't too happy about Wal-Mart building a new store there. One report says, "East New York Walmart Foes Look to Albany For Help" while another says, "Wal-Mart Stores Inc. (NYSE:WMT) has angered workers with 'slave wages.'”.

   Council member Charles Barron is quoted in both stories: “Any retailer can give us jobs and lower prices. And we’re not getting lower prices so that you can bring in a plantation and give us slave wages.”

   Go Charles. Good luck -- history shows you're going to need it.

   In related news, Bloomberg just ran this article: "Wal-Mart Raising Toy Prices, Squeezing More Out of Holidays".

"Wal-Mart managers in the U.S. received instructions to mark up an average of 1,800 types of toys per store, according to a company e-mail dated Nov. 30 obtained by Bloomberg News. The e- mail didn’t disclose specific increases. The prices were changed 'to better enable your store and the company to have a successful financial month,' according to the e-mail."

   Not great press for a retail giant whose "Always Low Prices" slogan is now "Save money. Live better." Perhaps they should consider, "Average prices. Slave wages."

   Just a thought.

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