[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Sign-in] [Mail] [Setup] [Help]
Status: Not Logged In; Sign In
|
ObamaNation See other ObamaNation Articles Title: Walmart Abandons Unprofitable Chicago Stores After Investing "Hundreds Of Millions" In City After two decades of losses and "hundreds of millions of dollars" invested in Chicago, Walmart is shuttering four unprofitable stores in the metropolitan area, reducing its store footprint by half in the crime-ridden city. "The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago – these stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years," Walmart wrote in a press release. Indeed, Walmart has soured on Chicago - the Democratic stronghold that went from a once beautiful metro area into an absolute hellhole. According to Walmart, the decision came after considerable investment in the town. "Over the years, we have tried many different strategies to improve the business performance of these locations, including building smaller stores, localizing product assortment and offering services beyond traditional retail. We have invested hundreds of millions of dollars in the city, including $70 million in the last couple years to upgrade our stores and build two new Walmart Health facilities and a Walmart Academy training center." That said, the company hasn't lost all faith in the city but is willing to take a loss with the four remaining stores: "The remaining four Chicago stores continue to face the same business difficulties, but we think this decision gives us the best chance to help keep them open and serving the community." It sure wouldn't be good PR if Walmart left the metro area entirely. print-icon print-icon Walmart Abandons Unprofitable Chicago Stores After Investing "Hundreds Of Millions" In City Tyler Durden's Photo by Tyler Durden Tuesday, Apr 11, 2023 - 01:00 PM After two decades of losses and "hundreds of millions of dollars" invested in Chicago, Walmart is shuttering four unprofitable stores in the metropolitan area, reducing its store footprint by half in the crime-ridden city. "The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago – these stores lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years," Walmart wrote in a press release. Indeed, Walmart has soured on Chicago - the Democratic stronghold that went from a once beautiful metro area into an absolute hellhole. According to Walmart, the decision came after considerable investment in the town. Recommended Videos Rite Aid and Albertsons kill $24 bln merger 17.5K Upstart Borrow Now Etoro Invest Now Ad: (2:13) Skip Ad Rite Aid and Albertsons kill $24 bln merger NOW PLAYING Amazon drops free shipping minimum UP NEXT As robots replace Amazon workers, one Italian firm looks to cash in Stay with equities amid volatility - Miller Walmart raises earnings forecast ahead of holidays S&P 500 creeps up to another record close Dow, S&P 500 hurt by Apple warning Stocks rise on recovery hopes "Over the years, we have tried many different strategies to improve the business performance of these locations, including building smaller stores, localizing product assortment and offering services beyond traditional retail. We have invested hundreds of millions of dollars in the city, including $70 million in the last couple years to upgrade our stores and build two new Walmart Health facilities and a Walmart Academy training center." That said, the company hasn't lost all faith in the city but is willing to take a loss with the four remaining stores: "The remaining four Chicago stores continue to face the same business difficulties, but we think this decision gives us the best chance to help keep them open and serving the community." It sure wouldn't be good PR if Walmart left the metro area entirely. Earlier this year, former Chicago Mayor Lori Lightfoot (D) lost her bid for re-election because of her inability to address the out-of-control crime wave. Although Walmart didn't explicitly state why its stores were unprofitable, one can only assume that the city's 'soft-on-crime' policies were a contributing factor, as professional shoplifting rings count Chicago as a top-10 city to hit. And last month, the retail giant closed its final two stores in Portland due to a retail theft wave. In a separate report, Whole Foods in San Francisco closed its flagship store on Tuesday morning because of soaring thefts. Walmart and other retailers closing stores not just in Chicago but other big cities is a warning sign for Democratic mayors who can't get crime under control will face an exodus of businesses. Hours before the announcement, Democrats picked Chicago to host the 2024 Democratic National Convention. Poster Comment: Democrat convention in Chicago, summer 2024. Sounds to like it will be worse than the Chicago democrat convention of 1968. It helped defeat the Democrats in November. I predict lots of food riots and shootings to drown out the Donkey message in 2024. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Horse (#0)
I remember that. The SDS were throwing baseballs with nails in them at the cops. They didn't have the protective gear back then that they have today. ;) "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
I had a cousin that ran a cigarette vending route on the south side of Chicago. One day he was going down a side street on near south side. Three black guys stepped out in front of him. One had a pistol. He floored the truck. They put four rounds in the left rear of the truck, driver high. His boss was mad the stock got torn up. He said, "Screw that! The stock saved my life." But he is dead for a long time now anyway. :-/ "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
|
||
|
[Home]
[Headlines]
[Latest Articles]
[Latest Comments]
[Post]
[Sign-in]
[Mail]
[Setup]
[Help]
|
||