Wal-Mart Warning: Recovery Will Be Slow
KUALA LUMPUR, MALAYSIA (
) -- Even behemoth retailer
Wal-Mart Stores
(WMT) - Get Report
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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