Puerto Rican Economist says Walmart has Harmful Effects on the Economy.

• Wal-Mart's expansion between 1993 to 2002 in Puerto Rico caused 86 retailers and wholesalers to go bankrupt

The Puerto Rican Chamber of Commerce on Tuesday came out in staunch defense of the Wal-Mart interest on the island and declared that the decline of small business cannot be blamed on a single company. Those views, given by Chamber of Commerce vice-president Cirilo Cruz, diverged from those give by the Association of Community Pharmacist and an independent economist, who assured that the expansion of the meg-store chain on the island has had harmful effects on the economy.In Tuesdays hearing, a study by economist Jose Alameda, said that Wal-Mart's expansion between 1993 to 2002 cause 86 retailers and wholesalers to go bankrupt. "Our estimate is that for every $15.8 million in sales made by Wal-Mart one small to medium business in Puerto Rico goes under," reads Alameda's study. The Association of Community Pharmacist president, Julie Hurtado, said Wal-Mart has solicited permits, thru its subsidiary supermarket chain Amigo, to establish pharmacies. Reneging on a pledge not to open pharmacies in Amigo supermarkets. Hurtado blamed Wal-Mart for the closing of dozens of pharmacies who could not compete, due to the megastore's ability to buy products in larger quantities which allow to offer consumers lower prices. [more ] [more]