This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Wal-Mart Welcome in New York, Poll Says

Stocks in this article: WMT

NEW YORK ( TheStreet) - Wal-Mart (WMT - Get Report) should be welcome in New York City, according to readers of TheStreet.

In a poll last week, 75.2% of those taking the survey said the discount behemoth should come to the Big Apple, while 24.8% were opposed to the company placing roots in any of the boroughs.

Still, while the majority of TheStreet readers appear to be proponents of Wal-Mart, the city has been up in arms over the possibility of the No. 1 retailer taking over.

Wal-Mart vs. Drugstores: Which Will Win NYC?

Last week, New York's city council hosted a meeting in Lower Manhattan to discuss just how big an effect Wal-Mart would have on small businesses. Noticeably absent from the crowd of politicians, union members and protestors outside, was the company itself, which refused to participate in the hearing on the grounds that " it does not appear to consider the impact of the hundreds of NYC stores operated by these companies; rather it focuses solely on Walmart. Since we have not announced a store for New York City, I respectfully suggest the committee first conduct a thoughtful examination of the existing impact of large grocers and retailers on small businesses in New York City before embarking on a hypothetical exercise."

This didn't sit well with Christine Quinn, council speaker.

"Wal-Mart's absence and refusal to attend only leads me to further skepticism about them as a company," Quinn said.

"You cannot come to New York City and behave the way you have behaved in other parts of the country," Quinn continued. "New York City will simply not stand for it."

During the four-hour meeting, opponents of Wal-Mart chastised the company for its history of not working with unions and low wages, and said it would put mom-and-pop shops out of business and create traffic jams.

Councilman Charles Barron, who represents east New York, heeded this warning: "Don't even think about coming into east New York. We're desperate for jobs, but we're not going to take anything. We want jobs with dignity, jobs with integrity, jobs with self-respect."

But not all the comments were anti-Wal-Mart.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs