Puerto Rican Economist says Walmart has Harmful Effects on the Economy.
Wednesday, August 11, 2004 at 03:26PM
TheSpook
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]
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