Saturday, November 8, 2008
The Wonder of Walmart
I got this graph from the IBD website.
What amazes me is Wal-Mart. From the accompanying article: "Wal-Mart's same-store sales rose 2.4%, beating forecasts. But comps excluding the world's No. 1 retailer fell 3.5%." Look at the top graph. Same-store sales for all stores was -.5% but take out Wal-Mart and it was -3.5%.
I've writ before about my amazement with grocery and big box stores. It's amazing the market share, the power of Wal-Mart. It does what Sears & Roebuck did in the early 20th century--provide affordable goods to the folks. That is a true service, desperately needed.
How many people have noticed that since Wal-Mart began providing four dollar generic prescriptions, Target, CVS, and Walgreens have all followed? How many people has that helped? And without any kind of government mandate.
My worry is that Barry, Nancy P, and wild man Harry Reid will legislatively force Wal-Mart to unionize. Wal-Mart is, after all, the prize for Big Labor.
It would be a shame to GM/Ford/Chrysler-ize something that this country so badly needs.