Wal-Mart Warning: Recovery Will Be Slow

KUALA LUMPUR, MALAYSIA (TheStreet) -- Even behemoth retailer Wal-Mart Stores(WMT Quote) is wary of the future.

The discounter's chairman Robson Walton warned at a global CEO conference in Kuala Lumpur, Malaysia, that the global economic recovery will be slow, the AP reported.

WalMart Speaks - Street Listens

Indeed, throughout the economic downturn sales have been rough -- even for Wal-Mart, which has benefitted from shoppers trading down to lower-priced basics. Same-store sales at the retailer slipped 1.2% in its second quarter.

Walton predicts unemployment and slower lending will continue to force shoppers to seek out deals and cheaper products, a plus for Wal-Mart, but not very promising for other retailers.

But a group of some of the top CEOs do see some sales returning within the next six months, according to a survey released on Tuesday by the Business Roundtable.

-- Reported by Jeanine Poggi in New York

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