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Definition: Wal-Mart Stores, Inc. , founded by Sam Walton in 1962, is the
largest retailer and, based on revenue, the largest company in the
world. In 1999, Wal-Mart completed its purchase of UK supermarket, ASDA.
Wal-Mart Facts and Links
Here are facts about Wal-mart, taken from Bill Quinn's How Wal-Mart Is
Destroying America (and the world) and What You Can Do About it.
As Wal-mart moved into America's urban areas (as opposed to suburban, where
Wal-Mart began), it racked up over 12,000 lawsuits.
In the 1970s Wal-Mart promised to keep its stores closed on Sundays, in the
80s began to keep its stores open Sundays, and later it kept some stores
open 24 hours a day.
Wal-Mart promised it would never sell alcohol, and it is now the largest
retailer of spirits in the United States.
Wal-Mart now has a massive presence in Canada, Britain, Germany, and Mexico,
as well as stores in Brazil, China, Korea, and Puerto Rico.
Close to 900,000 people are employed by Wal-Mart in America, and no Wal-Mart
stores are unionized, except in China. (Thanks to Amy for pointing out that
most Wal-Mart stores in China are unionized.)
Wal-Mart is the biggest retailer in the world, and it did over $165 billion
in sales in 1999.
An article in Forbes magazine's 1991 "400 Richest" issue described
Wal-Mart's basic concept as "Discount stores in small towns and rural areas,
each big enough to freeze out competition."
Wal-Mart dodges taxes. A lot.
New Wal-Mart stores study what local independent stores sell and sell it for
less--often at a loss--with the aim of forcing independent businesses out of
business.
a 1995 survey in Iowa revealed what had happened in that state since
Wal-Mart had arrived in 1983:
50% of clothing stores had closed
30% of hardware stores had closed
25% of building materials stores had closed
42% of variety stores had closed
29% of shoe stores had closed
17% of jewellery stores had closed
26% of department stores had closed
On average, about 100 stores go out of business in the area surrounding a
town with a new Wal-Mart store.
According to Residents for Responsible Growth of Lake Placid, New York, for
every job created by Wal-Mart, at least 1.5 jobs are lost, and numerous
other studies give similar figures.
Website:
www.walmart.com |
