Posted on 04/27/2011 6:58:06 PM PDT by Altura Ct.
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.
Wal-Mart's ready to do battle on prices
"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.
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.
(Excerpt) Read more at money.cnn.com ...
“The Whole Foods in Paramus and Edgewater are doing quite well...”
I’ve heard of those stores, but I honestly don’t know what they are; I thought they were some kind of vegan place.
Closer to Newark, I have a Foodtown & Pathmark nearby that are a lot less crowded, while Wal-Mart is packed. Besides the survival of the stores, there are also problems for name brands, as Americans buy “America’s Choice” and other less appetizing options due to prices.
“Come to any city in Jersey. You will find plenty of Africans filling up their carts via the EBT card.”
A lot of South & Central Americans, too.
“There is a reason we aren’t seeing soup lines. That chart illustrates it.”
The main reason we don’t have the unrest here that is seen in other countries is that our government learned a long time ago (from the French & Bolshevik revolutions specifically) that hungry people have nothing left to lose. As long as the stomachs are full, Americans will hope for the best; in our cities the hell is created by people who realize that it is the best it will ever be for them.
“Electronic Booty Total”
Now that they’ve got that iPhone gizmo that you can slide a credit card through, it’s only a matter of time before hookers and drug dealers find a way to capitalize on it.
“Then his earned and unearned income limit would be just under $40k. He gets that in a blink of the eye!”
Point still being that a very, very wealthy person could, at least in theory, qualify for food stamps. They wouldn’t because, let’s face it, it would cost them more in lost income than they would get from their food stamp allotment.
Round trip or one way? Do you drive a 6,000 lb vehicle? Because my commute round trip is 32, and although I can grumble at the pump, on the whole it doesn't affect my lifestyple at all.
Rising food prices=very bad. Worse than gas since not everybody drives. Everybody eats.
Of course fuel prices effect food because the trucks that ship them need fuel.
I was behind a young lady who had five kids. Each looked a year older than the next. She was using an EBT card and spoke little English.
A real BABY BOMBER.
When the $ runs out, what will they do?
No, we’ve got a perfectly designed credit/banking system. The problem is that we’re not asking about it’s purpose. To answer that, just remember, the lender is the master of the borrower. Proverbs told us that thousands of years ago and yet we still allowed this mess to be erected over us anyway. We’re reaping the rewards of our foolishness now.
sucks as well, and takes the fun outta sarcasm when you have to label it everytime ...8^}
Same here in N.Y. I have moonbat relative that doesn’t or really never worked, is on food stamps, receives rent subsidies, Medicaid and many other forms of welfare and lives in a beautiful apartment, drives brand new cars, has cell phones, computers, DVRs and large screen televisions for her and her kids that are following in her footsteps.
Time for the state and fed govts. to provide free limo service, advertise it on TV, and provide TVs for those who don't have at least 3.
"Nobody goes there anymore. It's too crowded." - Yogi Berra.
I am a Christian and a republican but sometimes when I read nasty comments about people on food stamps I cringe, it just seems that the people of the GOP in their politics has crossed over into some viciousness that I am not comfortable with. I know people who struggle and in poverty here in Ky, I also know people who have abused the system but that is because of the corruption in Washington and their lack of competence at anything that they do. People receiving help does not bother me as much as the totality of corruption with our politicians such as Barney Frank and Chris Dodd and the rest of the elitist politicians who are ruining American with their policies. Growing up my dad was a raging alcoholic who did not work and my mom was a simple waitress and there were times we did not have food. There were times we would walk the streets to other relatives so as to get food, I was just a kid. Too many kids today have parents who do not work or are drunks or druggies but I do not have any regrets with my tax dollars seeing them get food for the kids. Flame away!!! I just do not like to blame everyone who needs help because of others who take advantage of the system.
Depositors lost more money in the early phases of central banking than they did during the entire era of relative free-banking...previous to the inception of the federal reserve. The whole idea of ‘moral hazard’ and supposed government regulation of such fraudulence will prove again and again as nothing but a ruse.
I don’t know how a conservative can support our central banking system. The only purpose behind central banking is political expediency and big government...
Here in WNY there is a push to leave post-it notes on the gas pump and in the supermarkets that specifically say ‘How’s that hope and change workin’ for ya’?’
I have NO problem with this as long as it does not deface, clutter or inconvenience small businesses (i.e. less ‘in your face’ than what the unions regularly do),
We have had great response from small businesses that for the most part have been absolutely fine with this form of ‘protest’.
If its good for the greedy unions, then its perfectly fine for individual citizens.
Wal-Mart is one of those “evil” corporations that is hated by the left. Most Obama-backers probably think this is a good thing.
wow... that graph is stunning.. I knew participation had went up..... but had no idea it was that dramatic of an increase over such a short period of time...
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