Wal-Mart hits a wall in New York on local protests
The world’s largest retailer Wal-Mart has been thwarted once again in its efforts to open a big-box store in the Big Apple in the face of opposition from local unions over its business model. Retail Detailbusiness Updated: Sep 24, 2012 00:32 IST
The world’s largest retailer Wal-Mart has been thwarted once again in its efforts to open a big-box store in the Big Apple in the face of opposition from local unions over its business model.
The world’s third-largest corporation, according to Fortune Global 500, also considered to be the biggest private employer in the world with over two million employees working at 8,500 stores in 15 countries, earned $447 billion (Rs. 2,476,380 crore) in 2012.In the US alone it has more than 4,000 stores, but only a handful in big cities. There is none so far in New York or within the city limits of Washington DC, but there are dozens of sprawling Wal-Marts within 40 km in the surrounding suburbs in Maryland and Virginia.
But of late Wal-Mart has been looking for small locations, around 20,000 square feet, just a fraction of its typical 150,000 to 195,000 square feet stores in the suburbs, in urban areas including New York City, San Francisco and Washington.
However, in New York, Wal-Mart last week withdrew from a project, known as Gateway II, being developed by Related Companies in Brooklyn after local unions raised an alarm at the idea of the retailer's gaining a foothold in the city, according to NYT.
But Wal-Mart, in a statement, made it clear that it was still interested in opening a store in the city: “Two things remain constant: most New Yorkers want us here, and we remain interested in providing more convenient access to Wal-Mart for local residents.”
First Published: Sep 23, 2012 20:58 IST