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Walmart (WMT) is the world's largest retailer by far, but it generally only experiences a three percent net profit margin each year. To put this in perspective, it takes Walmart 30 days in a 31-day month to pay off its cost of merchandise, labor, taxes and other operating costs.
...one of the major reasons retail margins are so relatively low is most retail spending is purely discretionary. Consumers can afford to be frugal and picky when it comes to discretionary items. This means there is a relatively high price elasticity of demand for retail goods, which makes it difficult to raise prices.
Just wait they will jack up all the prices to offset any savings that you do make. The bottomless pit workers as they are called will suffer the most again.
Correct.
Quote:
Originally Posted by hitpausebutton2
Its the top heavy business owners who are hoarding and being greedy.
I think that's overly simplistic. Perhaps true at large retail businesses. Not true for smaller businesses. I bet you've never tried to operate a small store or restaurant. I see restaurants go out of business all the time. There's a reason for that--it's a lot of work and easy to lose money.
I disagree entirely with this ostrich in the sand view.
You couldn't be more wrong and on all three points you make.
It isn't ostrich in the sand at all, it's reality!
How do you propose we prop up the value of labor without putting the brakes on productivity? Wouldn't you rather get paid for living and do whatever you like with your free time?
I have noticed fast food has gotten more expensive. Some places are replacing the cashiers with a machine where you order your own stuff. I figured this would happen.
Raising the MW will be a tremendous boon for seniors who want to supplement their pensions and SS. Young unskilled workers will be out of luck.
I fail to see the logic. A higher MW would benefit anyone who has a low paid job, regardless of their age. If you are thinking of Walmart greeters, perhaps you should visit a Walmart and observe. There might be a few old people working as greeters but there will be many more people working as clerks and stocking shelves and moving merchandise.
Many of us seniors are retired. We are not working. We are more likely to be using the services of low paid workers. That could include housekeeping, senior care workers, and aides.
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