Wal-Mart

According to the Fed, sky-rocketing fuel costs and a shaky job market have not stopped Americans from spending. The April Commerce Report released in Washington today said U.S. consumers spent more than twice what economists had forecast, excluding car sales, Bloomberg reported.

A 0.2 percent overall drop in retail spending--led by the auto industry's 2.8 percent decline--in the first quarter of the year coupled with better-than-expected sales at discount chain Wal-Mart indicate that consumers are flocking to discount stores and holding out on purchases of big-ticket items.  read more »

Although Hillary Clinton severed her ties with Wal-Mart years ago (she sat on the board when Bill Clinton was Governor of Arkansas, but now refuses to accept contributions from the company), Barack Obama raised the issue of Clinton's past relationship with retail giant during the debate in South Carolina.

Now, hours before another Democratic debate, Clinton supporter Stuart Appelbaum, who is also President of the Retail, Wholesale and Department Store Union, has sent out a public statement defending her record:  read more »

At a press conference in Times Square earlier today to announce new congestion-easing measures, Michael Bloomberg was asked about whether he thinks there ought to be a Wal-Mart outlet in the city. (Wal-Mart has tried and failed in the past to open one here.)

Bloomberg said, “It's not the city's business to keep anyone out,” and “any company that wants to come here is welcome.”

He went on to say that “people should have options,” and that “they don't have to go there. They don't have to work there. But they should have the option.”

Which seems like good news for Wal-Mart.

Hillary Clinton may have returned a contribution from Wal-Mart, and Barack Obama’s wife may also be distancing herself from the company, but the country’s largest retailer is trying to win other friends in high places with its own quiet campaign in New York.

Without much fanfare, Wal-Mart has joined a number of local business groups, like the Association for a Better New York, the Partnership for New York City, and the chambers of commerce in four of the city's boroughs.

All this, without having a single store here. So, why have they joined all these New York business groups when, technically, they don’t have a business in New York?  read more »

A mega-store without a local outlet tries to make all the right friends.  read more »

While we're on the subject of Wal-Mart...

A reader brought it to my attention that the co-chair of the state agency charged with developing business in New York gave away about $30,000 of stock in Wal-Mart and another company in order to avoid the appearance of a conflict of interest.

Empire State Development's downstate chairman, Patrick Foye, made the announcement about the Wal-Mart and Alexandria Real Estate stock during an ESD meeting back in March. (The statement about it was posted shortly afterwards.)  read more »