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Wal-Mart: Our shoppers are 'running out of money'

April 28 2011 at 5:54 PM

Brendan  (Login 7keys)
The Canucks (Canada)

http://money.cnn.com/2011/04/27/news/companies/walmart_ceo_consumers_under_pressure/index.htm

NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."

Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.

Lately, they're "running out of money" at a faster clip, he said.

"Purchases are really dropping off by the end of the month even more than last year," Duke said. "This end-of-month [purchases] cycle is growing to be a concern.
Target prices beat Wal-Mart's

Wal-Mart (WMT, Fortune 500), which averages 140 million shoppers weekly to its stores in the United States, is considered a barometer of the health of the consumer and the economy.

To that end, Duke said he's not seeing signs of a recovery yet.

With food prices rising, Duke said Wal-Mart is charging customers more for some fresh groceries while reducing prices on other merchandise such as electronics.

Wal-Mart has struggled with seven straight quarters of sales declines in its stores.

Addressing that challenge, Duke said the company made mistakes by shrinking product variety and not being more aggressive on prices compared to its competitors.
Wal-Mart's ready to do battle on prices

"What's made Wal-Mart great over the decades is 'every day low prices' and our [product] assortment," he said. "We got away from it."

Now, with its strategy of low prices all the time back in place, Duke said making Wal-Mart a "one-stop shopping stop" is a critical response to dealing with the rising price of fuel.

Americans don't have the luxury of driving all over town to do their shopping.

Other than competing on prices and products, Duke said Wal-Mart is focused on leveraging technology -- especially social networking -- more aggressively to drive sales.

"Social networking is much more a part of the purchasing decision," he said. "Consumers are communicating with each other on Facebook about how they spend their money and what they're buying."

Elsewhere, Duke said Wal-Mart is exploring a number of e-commerce initiatives to grow the business such as testing an online groceries delivery business in San Jose.

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Brendan
(Login 7keys)
The Canucks (Canada)

Re: Wal-Mart: Our shoppers are 'running out of money'

April 28 2011, 5:59 PM 

It looks like business in the USA is forgetting the lessons on wages taught by Henry Ford.

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psingh01
(Login psingh01)
Elite WAFF Vet Club

Re: Wal-Mart: Our shoppers are 'running out of money'

May 2 2011, 7:04 PM 

lol, pay people minimum wage, sell only stuff that is made over seas, then act shocked if not enough people have money to buy your crap. i'm guilty though, i buy groceries at walmart because they are close to my house and i don't like driving far lol

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This message has been edited by psingh01 on May 2, 2011 7:05 PM


 
 
Nikephoros
(Login Nikephoros)
Eagle Squadron (US)

Re: Wal-Mart: Our shoppers are 'running out of money'

May 30 2011, 7:26 AM 

I saw this Documentary called "Walmart the High Cost of Low Price" and alot of current and ex employees said that Walmart encourages and guides their employees to join up government welfare programs like food stamps, medicaid, etc. Those interviewed said that they have the forms to join such programs readily available at their stores for workers. Most of the largest corporations become so by being similarly unethical. They don't even pay their workers enough, instead encouraging them to survive by having the public subsidize their workers so they can survive. It is like a viscous cycle, most low-class or price obsessed Americans love to shop there, but the more they do, the more they destroy their local economy and the country. Wal-mart alone is one of the biggest traitorous entities in the 50 states. They are like a black hole for the economy and people.

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Yeah people who lift their arse to a child raping mass murdering thug who pretends he brought the moon down to earth and split it, they are not idiots. They are the disciples of the 'one true faith'. I'm not going to tell you to quit it. The worst thing I can say to anyone is, 'Go and be a Muslim'. So do carry on.
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Herr Sarrazin uses an inappropriate term 2 describe those Muslim persons who come 2 Europe. He refers 2 them as "immigrants" when Muslims R actually "invaders". There's no such thing as a Muslim "immigrant" - no matter where they go. Muslims R ALWAYS invaders & they R either openly or covertly destroying th nation into which they invade. We must help Muslims either leave Islam or leave 4 Saudi. Permanent hajj - "right of return" - 2 th desert. All over th world, Islam must die.

KAFIR & PROUD!


 
 
 
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