The San Francisco Chronicle reports:
Wal-Mart (NYSE: WMT) averages about 140 million shoppers each week in its U.S. stores and is considered a barometer of the health of consumers and the economy. Unfortunately, according to CEO Mike Duke, that health is still declining. "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." Lately, they're "running out of money" at a faster clip.This is known as being hoisted by your own petard. Wal-Mart's predatory behavior impoverishes the communities it inhabits, its global suppliers and its own employees. So when you make a whole bunch of people poorer, OF COURSE your customers are going to buy fewer products.
As Wal-Mart Watch tells us,
From small businesses to major chains, all grocery and retail establishments that compete with Walmart are impacted by the company. Competitors are often forced to lower wages and standards. By using a model based on low-wages, high-efficiency transportation, and imported goods, Walmart has a history of destroying once thriving downtowns across rural America.