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2016-01-16 04:16:10 Post No. 1044624
Post No. 1044624
dead store walking
>Sales rose just 3% in November and December, falling short of the expected 3.7% growth according to the National Retail Federation. The Walmart closures will affect 10,000 US workers and 16,000 worldwide. The announcement came three months after Walmart chief executive Doug McMillon told investors the company would focus on becoming more nimble. "Closing stores is never an easy decision. But it is necessary to keep the company strong and positioned for the future," Mr McMillon said in October. The national shortfall in holiday shopping came even as retailers offered steep discounts to attract customers.
>Neil Saunders, chief executive of retail analysts Conlumino, said it was a significant move: "Walmart's decision to scale back its store numbers in the US underlines how much the retail landscape has changed over the past few years. The blunt truth is that while stores remain a vital part of the retail mix, they are not quite as relevant as they used to be.
>The weak economic outlook was not confined to the service sector. On Friday, the Federal Reserve reported industrial production in December shank by 0.4% the second month of contractions. Industrial production, which includes manufacturing, mining and utilities has been hit by a strengthening dollar and global economic weakness.