WalMart In New York? Chain Tries Again For NYC Store

NEW YORK — Wal-Mart is again trying to open stores in New York City after failing twice because of community opposition, tweaking its message and its strategy.

Steven Restivo, a spokesman for the Bentonville, Ark.-based Wal-Mart Stores Inc., told The New York Times in its online edition Sunday that the retailer is looking at sites throughout the city.

"There is a business case to be made for our growth in large cities across the country," Restivo said. "We know we have customers there, and we know we want to make access to our brand more convenient."

The company is looking at parcels in all five boroughs, including some far smaller than what it typically seeks for its stores, he said.

Restivo said the company could help with the city's unemployment problems, and is focusing its real estate search on low-income neighborhoods where there is a lack of access to fresh food.

One of those neighborhoods could be the East New York section of Brooklyn.

Arturo Payambs, the owner of a Compare Supermarkets, told The New York Daily News in Sunday editions that he didn't like the idea of the retailer moving into his local market.

"It's like David and Goliath... We're just a small business. We cannot compare with the prices," the 28-year-old Payambs said.

State Assemblyman Darryl C. Towns, whose Brooklyn district covers East New York, told the Times that a lot of his constituents are looking for jobs.

"We have to begin to think out of the box and look at some different opportunities," he said.

Wal-Mart is taking measured steps, including hiring Mayor Michael Bloomberg's former campaign manager to oversee its lobbying efforts. Bloomberg had previously supported the company's failed effort to redevelop a Bronx site into a commercial complex.

The City Council had scheduled a meeting to discuss Wal-Mart's efforts for Tuesday, but the interest forced officials to reschedule for January.

Attempts by Wal-Mart to develop stores in the city have been successfully blocked by opposition from labor unions, community groups and elected officials.

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On Deck Next Week: Wal-Mart Reports

• November 12, 2010, 6:11 PM ET

By Kathy Shwiff

Everett

• Dow Jones Industrial Average components Wal-Mart and Home Depot Inc. and nearly two dozen other companies in the Standard & Poor’s 500 Index will report quarterly results next week. Wal-Mart and Home Depot both report Tuesday, a day after Nordstrom Inc. and Lowe’s Cos. Target Corp. will post results Wednesday, followed by Gap Inc. and Sears Holding Corp. on Thursday.
• General Motors is expected to price its initial public offering of 365 million shares Wednesday evening. The estimated price range is $26 to $29. The IPO allows the U.S. to begin offloading the stake it acquired through last year’s rescue of the auto industry. GM will have about 1.5 billion shares outstanding afterward, and the Treasury Department’s stake will fall to as little as 41% from the current 61%.
• Measures of wholesale and consumer inflation likely rose for October, according to economists surveyed by Briefing.com. The Producer Price Index, to be released Tuesday, and Consumer Price Index, out Wednesday, are expected to rise 0.7% and 0.3%, respectively. For September, the PPI grew 0.4% and the CPI ticked up 0.1%.
• The government will report on October retail sales and September business inventories Monday and will release October industrial-production figures Tuesday. Data on October housing starts and building permits will be issued Wednesday.
• On Thursday, the nonprofit Conference Board will release its October index of leading indicators and the Philadelphia Fed will report on regional manufacturing activities.
• Among appearances by Federal Reserve officials: Richmond Fed President Jeffrey Lacker will speak Sunday; Atlanta Fed President Dennis Lockhart is on tap Tuesday; St. Louis Fed President James Bullard will speak Wednesday; Minneapolis Fed President Narayana Kocherlakota appears Thursday in Chicago; Philadelphia Fed President Charles Plosser will speak Thursday in Washington; and Chairman Ben Bernanke will speak next Friday at the 6th European Central Bank Banking Conference in Frankfurt.
• President Obama has invited Senate Minority Leader Mitch McConnell (R., Ky.) and other congressional leaders to the White House on Thursday to talk about Bush-era tax cuts and other issues. Even though Republicans chalked up big gains during the midterm elections, those new members won’t be sworn in until January, and Democrats will still control both chambers of Congress until then. Obama will need support from at least a few Senate Republicans to pass any bill related during the lame-duck session, giving McConnell a direct say on what any deal might look like, especially regarding taxes.

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On Deck Next Week: Wal-Mart Reports

• November 12, 2010, 6:11 PM ET

By Kathy Shwiff

Everett

• Dow Jones Industrial Average components Wal-Mart and Home Depot Inc. and nearly two dozen other companies in the Standard & Poor’s 500 Index will report quarterly results next week. Wal-Mart and Home Depot both report Tuesday, a day after Nordstrom Inc. and Lowe’s Cos. Target Corp. will post results Wednesday, followed by Gap Inc. and Sears Holding Corp. on Thursday.
• General Motors is expected to price its initial public offering of 365 million shares Wednesday evening. The estimated price range is $26 to $29. The IPO allows the U.S. to begin offloading the stake it acquired through last year’s rescue of the auto industry. GM will have about 1.5 billion shares outstanding afterward, and the Treasury Department’s stake will fall to as little as 41% from the current 61%.
• Measures of wholesale and consumer inflation likely rose for October, according to economists surveyed by Briefing.com. The Producer Price Index, to be released Tuesday, and Consumer Price Index, out Wednesday, are expected to rise 0.7% and 0.3%, respectively. For September, the PPI grew 0.4% and the CPI ticked up 0.1%.
• The government will report on October retail sales and September business inventories Monday and will release October industrial-production figures Tuesday. Data on October housing starts and building permits will be issued Wednesday.
• On Thursday, the nonprofit Conference Board will release its October index of leading indicators and the Philadelphia Fed will report on regional manufacturing activities.
• Among appearances by Federal Reserve officials: Richmond Fed President Jeffrey Lacker will speak Sunday; Atlanta Fed President Dennis Lockhart is on tap Tuesday; St. Louis Fed President James Bullard will speak Wednesday; Minneapolis Fed President Narayana Kocherlakota appears Thursday in Chicago; Philadelphia Fed President Charles Plosser will speak Thursday in Washington; and Chairman Ben Bernanke will speak next Friday at the 6th European Central Bank Banking Conference in Frankfurt.
• President Obama has invited Senate Minority Leader Mitch McConnell (R., Ky.) and other congressional leaders to the White House on Thursday to talk about Bush-era tax cuts and other issues. Even though Republicans chalked up big gains during the midterm elections, those new members won’t be sworn in until January, and Democrats will still control both chambers of Congress until then. Obama will need support from at least a few Senate Republicans to pass any bill related during the lame-duck session, giving McConnell a direct say on what any deal might look like, especially regarding taxes.

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