Wal-Mart Never Read Keynes
Wal-Mart, which has worked hard to lower wages around the world, is now getting hoisted by its own petard. The company has been discovering over the last couple of years that its sales depend upon the prosperity of the people to whom it markets.
Hudson, Kris and James Covert. 2007. “Wal-Mart Recovery Dealt a Blow.” Wall Street Journal (15 August): p. A 2.
Chief Executive Lee Scott said that “Wal-Mart’s customers continue to cite “money and finances, the increase in cost of living and gas prices” as top concerns, and that they are clustering their spending around paycheck dates on the 1st and 15th of the month.”