The mark of true entrepreneurial spirit is desire, brains, and the willingness to take risks when others are burying their heads in the sand. Once again, Wal-Mart leads the way by creating a win-win during a recession: customers get lower prices on a wide range of products, and Wal-Mart turns a higher profit. From the News & Observer (emphasis is mine):
Wal-Mart executives say 17 percent of its traffic growth in February was from new customers, and more than half of those live in households that take in more than $50,000 a year.
While that may not be considered affluent, it’s a big departure from Wal-Mart’s core customers, of whom one in five does not have a bank account or has limited access to financial services.
To keep prices low while offering better products, Wal-Mart is slashing its own costs in little ways. The Angus ribeye steak being sold at Sam’s Club at 25 percent below competitors’ prices is paid for in part by a switch to shorter straws at its cafe, saving $52,000 a year, says spokeswoman Susan Koehler.
