LA Times: Wal-Mart going back to basics to reverse sales decline
http://www.latimes.com/business/la-fi-wal-mart-20110412,0,4985114.storyIn an effort to reverse recent U.S. sales declines, Wal-Mart Stores Inc. is bringing back thousands of items to its stores, lowering prices and launching a new advertising campaign to promote its price-match policy.
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That earlier decision, which drove many customers away, was considered a huge misstep by analysts. Wal-Mart, which is contending with growing competition from dollar stores, has reported seven straight quarters of sales declines at U.S. stores open at least a year, an important measure of a retailer's health.Now, since this story is from the LA Times and they are incapable of telling the whole politically incorrect truth we'll look to The Journal and Pajamas for the rest of the story.
Starting in May, Wal-Mart shoppers in the U.S. will see signs in stores heralding the return of fishing tackle, bolts of fabric and other "heritage" merchandise that Wal-Mart reduced or cut out altogether as it attempted to spruce up its stores to appeal to more well-heeled shoppers.
That strategy failed, and the Bentonville, Ark., retail giant now is pursuing a back-to-basics strategy to reverse the company's fortunes after seven consecutive quarters of sales declines at U.S. stores open at least a year.
http://online.wsj.com/article/SB10001424052748704776304576253252673697210.htmlAfter suffering seven straight quarters of losses, today the merchandise giant Wal-Mart will announce that it is “going back to basics,” ending its era of high-end organic foods, going “green,” and the remainder of its appeal to the upscale market. Next month the company will launch an “It’s Back” campaign to woo the millions of customers who have fled the store. They will be bringing back “heritage” products, like inexpensive jeans and sweatpants.
Few may recognize it as such, but this episode should be seen as a cautionary tale about “progressives” and social engineering experiments on low-income Americans. This morning’s Wall Street Journal article is blunt:
That strategy failed, and the Bentonville, Ark., retail giant now is pursuing a back-to-basics strategy to reverse the company’s fortunes.
http://pajamasmedia.com/blog/wal-mart-goes-back-to-basics-a-cautionary-tale-for-the-left/
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