BHarrison
Silver Member
...I know, I know, they've said that before. /w3tcompact/icons/smile.gif
Kmart--Another one bites the dust?
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TerryinMD
Veteran Member
The effect of the KMart bankruptcy hits home....
My wife works part-time doing mechandising. This takes her into many different stores providing mechandise resets, counting, advertising, and many other related tasks. My wife "works" for several of these contract mechandising companies. She got a call late yesterday afternoon cancelling a job at KMart. This was occasional work so the money is not a big factor. It's just some of the fallout from the KMart debacle.
On another note, Washington County, MD has a population of around 135,000 people. The county has a nice company base which provides decent employment. However, a large number of people commute to the Metro Washington DC area for work. We have a KMart and a WalMart. WalMart wanted to build another store about six miles south of the present one, but the zoning request was defeated by local citizen pressure and the county zoning board. Twice!!/w3tcompact/icons/smile.gif Less than two years ago, WalMart built a supercenter and moved from its previous location. The KMart store is located just across the road from the vacated WalMart store and it appears as though KMart is planning on keeping this store open. That's a positive note in my book. If this KMart was to close, I could see WalMart trying to put in another store. We just don't need it as far as I'm concerned. Oh yes, we also have a Target Store.
Terry
My wife works part-time doing mechandising. This takes her into many different stores providing mechandise resets, counting, advertising, and many other related tasks. My wife "works" for several of these contract mechandising companies. She got a call late yesterday afternoon cancelling a job at KMart. This was occasional work so the money is not a big factor. It's just some of the fallout from the KMart debacle.
On another note, Washington County, MD has a population of around 135,000 people. The county has a nice company base which provides decent employment. However, a large number of people commute to the Metro Washington DC area for work. We have a KMart and a WalMart. WalMart wanted to build another store about six miles south of the present one, but the zoning request was defeated by local citizen pressure and the county zoning board. Twice!!/w3tcompact/icons/smile.gif Less than two years ago, WalMart built a supercenter and moved from its previous location. The KMart store is located just across the road from the vacated WalMart store and it appears as though KMart is planning on keeping this store open. That's a positive note in my book. If this KMart was to close, I could see WalMart trying to put in another store. We just don't need it as far as I'm concerned. Oh yes, we also have a Target Store.
Terry
DFB
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Re: Kmart-Sam Walton Rules!
Check this AP story out. According to this the Wal-Mart is about to top the Fortune 500 list and become both the country's and the world's largest corporation.
Full story;
JANUARY 23, 18:43 ET
Wal-Mart About to Overtake Exxon
By BRAD FOSS
AP Business Writer NEW YORK (AP) — Forty years after Samuel Moore Walton opened the first Wal-Mart Discount City store in Rogers, Ark., the 4,150-store global retail chain that now sells everything from children's clothing to hunting equipment is poised to become the world's largest company.
Wal-Mart Stores Inc. is on pace to record more than $220 billion in revenue for the 2001 fiscal year and dethrone oil giant ExxonMobil Corp. from the top of Fortune magazine's annual list of the country's and the world's biggest corporations. ExxonMobil had $212.9 billion in revenue in 2001.
``Everyone needs toilet paper and toothpaste, and they're the most efficient at selling it,'' said Eric Beder, retail analyst at Ladenburg, Thalmann & Co in New York. ``It is really an incredible story.''
The most notable aspect of Wal-Mart's achievement, analysts said, is that a company that makes nothing would launch to the front of a list long dominated by blue-chip manufacturers.
``It's indicative that we've made a big shift in this country to a service economy,'' said Warren Batts, professor of strategic management at the University of Chicago School of Business. Service companies became part of the Fortune 500 only in 1995.
While the major factor of Wal-Mart's achievement is its overwhelming dominance among retailers in the United States — about two-thirds of the economy is based on consumer spending — the worldwide economic slowdown also played a role.
``If we were in a booming economy, the other companies would have done better,'' Batts said.
Wal-Mart, based in Bentonville, Ark., reported $203.66 billion in sales through December. In January 2001, it reported $16.7 billion in sales. Conservatively assuming that Wal-Mart will have no sales growth in January 2002, its revenue for fiscal 2001 will surpass $220 billion.
However, through December, Wal-Mart's sales were up 13.9 percent from the same period a year earlier. Analysts are forecasting that the company will report 5 percent sales growth for January 2002. The company's fiscal year ends Jan. 31 and it will report its financial performance for the fiscal year on Feb. 19.
Wal-Mart has grown more than 10 percent annually for the past 20 years, expanding into Asia, Europe and South America, and along the way has forced its competitors to lower their prices, too, analysts said.
Industry watchers say Wal-Mart's incredible success can be attributed to the business philosophy Walton swore by and which is still in practice a decade after his death: ``Try to squeeze the lowest price possible from the people who sell to you, and then pass the savings on to the customer,'' explained Kurt Barnard, a longtime retail consultant and president of Barnard's Retail Trend Report in Montclair, N.J.
``They live up to that,'' Barnard added.
A spokesman for Wal-Mart said it would be inappropriate for the company to comment at this time.
Fortune magazine's list comes out in April of each year.
According to company reports, General Motors Corp. Ford Motor Co. and General Electric Co. are likely to hold their respective No. 3, 4 and 5 spots on the Fortune list.
DFB
Check this AP story out. According to this the Wal-Mart is about to top the Fortune 500 list and become both the country's and the world's largest corporation.
Full story;
JANUARY 23, 18:43 ET
Wal-Mart About to Overtake Exxon
By BRAD FOSS
AP Business Writer NEW YORK (AP) — Forty years after Samuel Moore Walton opened the first Wal-Mart Discount City store in Rogers, Ark., the 4,150-store global retail chain that now sells everything from children's clothing to hunting equipment is poised to become the world's largest company.
Wal-Mart Stores Inc. is on pace to record more than $220 billion in revenue for the 2001 fiscal year and dethrone oil giant ExxonMobil Corp. from the top of Fortune magazine's annual list of the country's and the world's biggest corporations. ExxonMobil had $212.9 billion in revenue in 2001.
``Everyone needs toilet paper and toothpaste, and they're the most efficient at selling it,'' said Eric Beder, retail analyst at Ladenburg, Thalmann & Co in New York. ``It is really an incredible story.''
The most notable aspect of Wal-Mart's achievement, analysts said, is that a company that makes nothing would launch to the front of a list long dominated by blue-chip manufacturers.
``It's indicative that we've made a big shift in this country to a service economy,'' said Warren Batts, professor of strategic management at the University of Chicago School of Business. Service companies became part of the Fortune 500 only in 1995.
While the major factor of Wal-Mart's achievement is its overwhelming dominance among retailers in the United States — about two-thirds of the economy is based on consumer spending — the worldwide economic slowdown also played a role.
``If we were in a booming economy, the other companies would have done better,'' Batts said.
Wal-Mart, based in Bentonville, Ark., reported $203.66 billion in sales through December. In January 2001, it reported $16.7 billion in sales. Conservatively assuming that Wal-Mart will have no sales growth in January 2002, its revenue for fiscal 2001 will surpass $220 billion.
However, through December, Wal-Mart's sales were up 13.9 percent from the same period a year earlier. Analysts are forecasting that the company will report 5 percent sales growth for January 2002. The company's fiscal year ends Jan. 31 and it will report its financial performance for the fiscal year on Feb. 19.
Wal-Mart has grown more than 10 percent annually for the past 20 years, expanding into Asia, Europe and South America, and along the way has forced its competitors to lower their prices, too, analysts said.
Industry watchers say Wal-Mart's incredible success can be attributed to the business philosophy Walton swore by and which is still in practice a decade after his death: ``Try to squeeze the lowest price possible from the people who sell to you, and then pass the savings on to the customer,'' explained Kurt Barnard, a longtime retail consultant and president of Barnard's Retail Trend Report in Montclair, N.J.
``They live up to that,'' Barnard added.
A spokesman for Wal-Mart said it would be inappropriate for the company to comment at this time.
Fortune magazine's list comes out in April of each year.
According to company reports, General Motors Corp. Ford Motor Co. and General Electric Co. are likely to hold their respective No. 3, 4 and 5 spots on the Fortune list.
DFB
TerryinMD
Veteran Member
Re: Kmart-Sam Walton Rules!
An interesting note about this press release is that there is no negativity associated in the report. It states the basic philosphy on how WalMart is so successful. How can you argue with success?
Looks like WalMart is the new business model......
Terry
An interesting note about this press release is that there is no negativity associated in the report. It states the basic philosphy on how WalMart is so successful. How can you argue with success?
Looks like WalMart is the new business model......
Terry
ddl
Gold Member
Re: Kmart-Sam Walton Rules!
I also heard that everything that walmart does is on the cash bases. When a new building goes up it is payed for before ground is broke. If this is true, their success has been paid for by their hard work. I still prefer other stores to wally world.
Dan L
I also heard that everything that walmart does is on the cash bases. When a new building goes up it is payed for before ground is broke. If this is true, their success has been paid for by their hard work. I still prefer other stores to wally world.
Dan L
TerryinMD
Veteran Member
Re: Kmart-Sam Walton Rules!
I just thought of something about supporting local businesses.
My father-in-law was the Ad Manager for the local newspaper. As long as he worked for that newspaper, he supported the local businessmen by shopping in their stores. He had a strong dislike for WalMart. One reason was that WalMart killed off some of the local businesses, but also that they didn't put inserts into the newspaper (i.e. lost ad revenue).
He's been retired for a number of years now and still has a strong dislike for WalMart. But, he has to go to them because they're the only real game in town. OBTW, he only supports a few of the remaining businesses because he liked the owners. However, if he can buy a product cheaper at another store, he will. A very frugal man! Not a slam in any way, shape, or form.
Terry
I just thought of something about supporting local businesses.
My father-in-law was the Ad Manager for the local newspaper. As long as he worked for that newspaper, he supported the local businessmen by shopping in their stores. He had a strong dislike for WalMart. One reason was that WalMart killed off some of the local businesses, but also that they didn't put inserts into the newspaper (i.e. lost ad revenue).
He's been retired for a number of years now and still has a strong dislike for WalMart. But, he has to go to them because they're the only real game in town. OBTW, he only supports a few of the remaining businesses because he liked the owners. However, if he can buy a product cheaper at another store, he will. A very frugal man! Not a slam in any way, shape, or form.
Terry
ddl
Gold Member
Re: Kmart-Sam Walton Rules!
When I lived in Iowa, I knew some of the business owners in the same town that I lived. They would complain that local people did not support the store, then jump in their BMW's and drive off, yet the town did not have a BMW dealer, all other amer. cars had a local dealer. Some people just don't get it.
Dan L
When I lived in Iowa, I knew some of the business owners in the same town that I lived. They would complain that local people did not support the store, then jump in their BMW's and drive off, yet the town did not have a BMW dealer, all other amer. cars had a local dealer. Some people just don't get it.
Dan L
MossRoad
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Re: Kmart-Sam Walton Rules!
Walmart rarely advertises in newspapers. The only ads you see are for "falling prices" on TV, but they seem to rarely have sales.
Has anyone looked into how many Walmarts are closed every year? I have heard that they will build two small Walmarts in two small comunities that are near each other. After a few years they kill off all of the local businesses in both communities. Then they announce a new "super" Walmart to be built at one of the small locations and close the other one. By then, there is no longer a local economy in the town with the closed Walmart, so no new business will start up there, leaving it a business ghost town. All of the people in that town then have to travel to the next town to shop at the "super" Walmart.
Walmart rarely advertises in newspapers. The only ads you see are for "falling prices" on TV, but they seem to rarely have sales.
Has anyone looked into how many Walmarts are closed every year? I have heard that they will build two small Walmarts in two small comunities that are near each other. After a few years they kill off all of the local businesses in both communities. Then they announce a new "super" Walmart to be built at one of the small locations and close the other one. By then, there is no longer a local economy in the town with the closed Walmart, so no new business will start up there, leaving it a business ghost town. All of the people in that town then have to travel to the next town to shop at the "super" Walmart.
JerryG
Super Member
Re: Kmart-Sam Walton Rules!
Moss,
I live in heart of Wal-Mart country. I have saw or known about almost every thing that they have ever done. BUT I have never heard of such a strategy being used. Look at their new store locations in relation to store closing. Almost always a store that is close is only replaced down the road by a newer store. Just another one of those Urban Legends as far as I am concerned.
Moss,
I live in heart of Wal-Mart country. I have saw or known about almost every thing that they have ever done. BUT I have never heard of such a strategy being used. Look at their new store locations in relation to store closing. Almost always a store that is close is only replaced down the road by a newer store. Just another one of those Urban Legends as far as I am concerned.
Bird
Rest in Peace
Re: Kmart-Sam Walton Rules!
Jerry, you say you know, and of course, I certainly don't know, but in November '94, while I was down at the Texas coast, there were stories in the Corpus Christi, TX, newspaper about the irate folks in a small town in south Texas who were accusing Walmart of doing exactly what MossRoad mentioned. They were very unhappy about Walmart putting everyone else out of business and then closing the Walmart store. And of course, I know that the fact that it was in the newspaper doesn't necessarily mean it was true./w3tcompact/icons/frown.gif
Jerry, you say you know, and of course, I certainly don't know, but in November '94, while I was down at the Texas coast, there were stories in the Corpus Christi, TX, newspaper about the irate folks in a small town in south Texas who were accusing Walmart of doing exactly what MossRoad mentioned. They were very unhappy about Walmart putting everyone else out of business and then closing the Walmart store. And of course, I know that the fact that it was in the newspaper doesn't necessarily mean it was true./w3tcompact/icons/frown.gif
