Lee Scotts' replacement at the Chief Executive Officer position for Wal-mart (WMT) has come out and told bloomberg recently just how they know the recession is still going strong. I find this intriguing please feel free to leave your thoughts below in the comments section.
Recession Isn’t Over for Wal-Mart Shoppers – Comments from Walmart CEO, William Simon, “I don’t need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it’s real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher. “And if you really think about it, the only reason somebody gets out in the middle of the night and buys baby formula is that they need it and they’ve been waiting for it. Otherwise, we’re open 24 hours; come at 5 a.m., come at 7 a.m., come at 10 a.m. But if you’re there at midnight, you’re there for a reason.”