One wouldn't think that opening a store that will bring employment opportunities would be difficult. Ask Walmart about its adventures trying to get into the New York City market, however, and you'll hear a different story. For years now, the Arkansas retail giant has been trying to make its way into the New York market.
Failed attempts in both Queens and Staten Island eventually led former Chief Executive H. Lee Scott to give up on New York City. Today, however, with the help of Tusk Strategies and founder Bradley Tusk, Walmart is trying once again to gain a foothold in the Big Apple.
Their desire comes on the back of a number of discouraging facts. Walmart has suffered from five straight quarters of same-store sale declines in the U.S., from discouraging international projects and from watching competitors like Costco and Target enter the market.
In the process, Walmart has been willing to open stores that are in much smaller spaces than their typical stores. By downsizing, they hope to nullify some of their opponents' most vocal complaints about zoning issues and the impact their stores would have on local, small businesses.
Faith Hope Consolo, chairwoman of Prudential Douglas Elliman's retail group, said that Walmart real estate experts are combing the city for the right locations. Certainly, the economic impact and revitalization that Walmart could offer can't be ignored. In 2009, they spent $5.7 billion with 835 New York City suppliers and they've given more than $9 million in grants to nonprofits in the area over the last three years.
Time will tell if they are able to enter the New York City market; but certainly no one can accuse them of not trying.
