You Know We're Screwed When Wal-Mart Says We're Screwed
pic credit: L'Hibou via Flickr
That's right, folks, even the Wal-Martyrs are running short on cash, not that they had huge stashes of $100 bills to begin with.
Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, they're "running out of money" at a faster clip, he said.
"Purchases are really dropping off by the end of the month even more than last year," Duke said. "This end-of-month [purchases] cycle is growing to be a concern.
This comes on the heels of comments by Wal-Mart U.S. CEO Bill Simon, who said "inflation is going to be serious" earlier this month.
Who shops at Wal-Mart besides the People of Wal-Mart? Maybe not Mike Duke, who has been caught at Target in Rogers, Arkansas just down the street from the exclusive gated community where many Wal-Mart big wigs live.
You've been warned, people.