Not that we need signs of our economic crisis, but Wal-Mart CEO Mike Duke made a chilling observation this week at an event talking about the company’s operations. Duke said his customers are simply “running out of money.”
The most chilling aspect of this statement is that Wal-Mart is not just the largest retailer but the store with a demographic that is most representative of the country’s economic profile. Wal-Mart averages 140 million shoppers weekly to its stores in just the United States alone.
Duke observed that the store is facing serious pressures because his “core consumers [are] under a lot of pressure.”