February sales are down; other retail giants in trouble?
The ‘Rollback Man’ hasn’t been able to help Walmart lately as much as he used to. The retail giant has taken a big hit this month.
Walmart sales are off this month, and internal emails have been leaked indicating company officials are worried. University of Houston professor Dennis Adams told KTRH other retail giants should worry, too.
“They are going to have a really slow year. Gas prices are going to take a chunk out of their business. We have taxes coming up that have changed the game,” Adams explained.
But gas prices and taxes aren't the only factors for Walmart. Jodi Furman of Live Fabuless says it's also a matter of convenience. It turns out going to the store is turning into a royal pain.
“You can get things like toilet paper online at Amazon for prices that are comparable to Walmart prices and sometimes even better than Walmart,” Furman said.
Furman says the crowds of people at Walmart and other retail giants are actually driving some people away.
“The convenience factor, especially when it’s paired with great pricing, is going to erode the share that you see in brick and mortar stores,” Furman explained.
And Adams says that smaller, ‘Mom & Pop’ stores will start feeling the pinch as well.
“I think they will be hit just as bad as Walmart is,” Adams said.
Furman says WalMart is working on a way for you to shop online and get your stuff delivered the same day as they try to compete with Amazon.