As much as I hate Wal-Mart- and I haven’t been in one in at least 12 years- this is bad news for the Economy….
It shows just how strapped Consumers are due to rising Gas and Food prices…
And Strapped Consumers= An Angry Electorate
Or they were just scared off from seeing the pictures at the “People of WalMart” (http://www.peopleofwalmart.com/ ) website…
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.