Saw a genius episode of South Park last night talking about how Wal–Mart helps folks kill their own towns last night, and keeping with that here's one we found over the holiday...
Wal–Mart's China inventory to hit US$18b this year
The world's largest retailer, Wal–Mart Stores Inc, says its inventory of stock produced in China is expected to hit US$18 billion this year, keeping the annual growth rate of over 20 per cent consistent over two years.
The trend is expected to continue, company officials revealed.
"We expect our procurement stock from China to continue to grow at a similar rate in line with Wal-Mart's growth worldwide, if not faster," said Lee Scott, the president and CEO (chief executive officer) of Wal–Mart.
Good for Wal–Mart, good for China, bad for our economy since Wal–Mart single handely supresses wages and keeps them low (among other things).
A market rumour says the retailer has its eyes on a 340,000–square metre warehouse at a logistics garden of the Shanghai Waigaoqiao Bonded Area.
Scott covertly visited the site earlier this month, and hopes to own the whole warehouse to accommodate the firm's further expansion in China.
At present, Wal–Mart has quite limited warehouse resources in East China.
Xu Jun, Wal–Mart China's director of external affairs, ruled out the rumour, saying the CEO has never visited that or any other site for a warehouse.
"If Wal–Mart were an individual economy, it would rank as China's eighth-biggest trading partner, ahead of Russia, Australia and Canada," Xu said.
Last year, the firm bought US$15 billion products from China, half from direct purchasing, the other from the firm's suppliers in China.
Insiders point out Wal–Mart's imports from China have largely influenced the US trade deficit in China, which is expected to reach US$150 billion this year.
Hmmm, maybe we did post this before... oh well, doesn't matter: this can't be said enough so take a look and STOP FUCKING SHOPPING AT WAL–MART!