Monday, November 15, 2004

Wal-Mart to crush all retailers by 2010

I couldn't resist reading the article I found on MSN today.

It pertained to the financial outlooks of Wal-Mart by 2010. By that date they will play a major stake in banking, petroleum sales, electronics sales, fashion sales, food and household furnishings.

By that same date they plan to have nearly 3,000 supercenters in place. Thank God I live in an area 50+ miles from a Wal-Mart supercenter but know all too well that they are coming. At least a lesser and local company, Target, has a death grip on retail sales in this area. After all, they are based just 25 miles away.

I fear for 2010 when Wal-Mart has chain-stored every other lesser chain store (not to mention local shops) out of existence. Imagine a world without Kohl's, Best Buy, Bed Bath & Beyond and Home Depot or Menard's.

It's scary to think that in the story, the writer mentions the fact that 20% of Wal-Mart customers are without bank accounts. What does that say for the financial stability of their customers, not to mention America as a whole? The fact that they aim to enter the banking business is downright scary. One company with such an enormous stranglehold on both purchasing and lending in our country would be detrimental. This appears to be an area where regulation is definitely needed.

They are already the biggest company in the country and buy most of their products from China and other overseas locales. How long before they bankrupt their customer base through ramped-up interest charges at their own banks and leave jobless the very customers they cater to by purchasing cheaply made foreign goods? Think it won't happen? It very well could.

This just supports my reasons for not shopping at that particular retail giant. I still have an alternative around here.

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