"Wal-Mart Makes Rare Retreat on Home Turf Closing of 269 stores includes all 102 U.S. Walmart [View all]

[Ghost in the Machine]

Wal-Mart Makes Rare Retreat on Home Turf
Closing of 269 stores includes all 102 U.S. Walmart Express stores, affects 16,000 jobs

By Sarah Nassauer and Kate Davidson
Updated Jan. 15, 2016 7:22 p.m. ET

Wal-Mart is closing more than 150 stores in the U.S., a rare retreat for the behemoth on its home turf, capping what has been a difficult year for retailers as shoppers slowed their spending pace and accelerated their shift to the Internet.

Economic data released on Friday showed the U.S. economy entered 2016 with little momentum from one of its key sectors. U.S. retail sales fell 0.1% in December, and were up just 2.1% for all of 2015, compared with a 3.9% annual gain the previous year, the Commerce Department said on Friday. That was the weakest year for sales growth since the end of the recession in 2009.

“The exceptionally weak December sales figure is a bit of a head scratcher,” J.P. Morgan Chief U.S. Economist Michael Feroli said. “Job growth was booming last month, gas prices were down, sentiment measures were up, and warmer-than-normal winter temperatures prevailed last month—which historically tends to boost retail sales.

Faced with slow-growing sales and the shift to online shopping, Wal-Mart Stores Inc. has been pouring money into e-commerce activities and store employee wages, moves that have depressed profits and its share price. Now, the world’s largest retailer by sales is joining smaller chains, including Macy’s Inc. and Gap Inc., in shrinking its U.S. footprint.

http://www.wsj.com/articles/wal-mart-to-close-269-stores-globally-1452868122?mod=e2fb

No love lost for Mall Wart, but feel bad for all of the people losing their jobs, as there are many families that depend on the income just to survive.

Peace,

Ghost