NY Post Wants a Walmart in NYC Very Badly
The New York Post is concerned. You see, they were able to get their hands on an "exclusive" analysis of how much New York City households spend at Walmart stores outside of city limits.
"Big Apple residents spent $165 million last year to buy low-cost products at Walmart's suburban stores because there aren't any outlets in the five boroughs, according to an analysis obtained by The Post. The massive money drain costs the city millions of dollars in tax revenues and hundreds of jobs."
$165 million? Well, that sounds like a lot at first, until you consider that New York City retail establishments racked up $31.3 billion in taxable retail sales in 2008-2009 (see page 14).
So, the amount city households spend at suburban Walmarts is equal to a minuscule one half of one percent of all taxable retail sales in the city.
The Post wants us to believe that we need a Walmart, that without allowing the low-paying retailer into the city, we're losing out on a tremendous opportunity. In reality, it seems that Walmart is the one that needs New York City, or else they wouldn't be trying so hard to get "exclusives" into the hands of Post reporters.