Walmart is closing four stores in Chicago. They only have eight stores in the city. Walmart reports they are losing tens of millions of dollars annually, and the losses are doubling.
Employees will have jobs in the remaining stores if they want them.
The company reports that they never made a dime in profit after 17 years of having stores in Chicago.
According to Bloomberg, Walmart claims ‘crime’ wasn’t the issue for pulling out of the city.
People are allowed to steal in Chicago, hurting their profit margins. Crime has to be part of the problem. Bidenflation can’t help, either.
On the other hand, Walmart says the competition is too stiff, but it’s the same competition they have in other cities.
“The closings mark a retreat for the nation’s largest retailer, which faces tough competition in Chicago from the likes of Target Corp., Albertsons Cos., and Aldi. Walmart said it had tried and failed to improve its performance by building smaller stores, localizing its merchandise offerings, and investing $70 million in recent years in store upgrades, health facilities, and a training center,” reports Bloomberg.
Outgoing Chicago Mayor Lori Lightfoot called on Walmart to make sure that the communities affected by the closings continue to have a reliable source for essential goods.
“I’m incredibly disappointed that Walmart, a strong partner in the past, has announced the closing of several locations throughout the south and west sides of the city,” said Lightfoot, who will step down next month. “Unceremoniously abandoning these neighborhoods will create barriers to basic needs for thousands of residents.”
They are the crime-ridden areas.
The Chicago crime wave will continue under the new mayor Brandon Johnson. His soft-on-crime policies and his contempt for police will continue or accelerate the damage done by Lori Lightfoot.
Leftist @Brandon4Chicago has won the Chicago mayoral election against moderate Democrat Paul Vallas. Johnson calls for removing law enforcement from society. During the 2020 riots, he defended looters, saying they were lashing out against racism. Chicago’s violent crime has… pic.twitter.com/Z2kcJSj8GJ
— Andy Ngô 🏳️🌈 (@MrAndyNgo) April 5, 2023