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Wal-Mart: The Bank
Posted By D. T. Cochrane On January 28, 2008 @ 10:58 am In Notes & Asides | 1 Comment
Although it has been met with stiff resistance in its efforts to offer banking services in the US, Wal-Mart has succeeded in [1] opening a bank in Mexico. It plans to open 80 more by the end of 2008. Located within their stores, the banks are targetted at low-income earning households. Their early success, plus their [2] increased lobbying spending, point to renewed efforts at entering the industry in the US. As in Mexico, these banks would be directed at the customers of their stories: low-income earners. Wal-Mart is among the companies that would benefit from a downturn in the US economy. If it can capture the borrowing needs of its own customers expect Wal-Mart to catapult up the ranks of dominant capital.
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[1] opening a bank in Mexico: http://money.cnn.com/2008/01/28/news/international/walmart_bank.fortune/index.htm
[2] increased lobbying spending: http://www.thestar.com/Business/article/288831
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1 Comment To "Wal-Mart: The Bank"
#1 Comment By D. T. Cochrane On April 16, 2008 @ 10:12 am
On the other hand, with Wal-Mart encroaching on their territory, the established banks may mobilise their own massive resources to undermine Wal-Mart’s ‘bread and butter’ - low priced consumer goods. Assisting in say, the proliferation of Target or the continued existence of alternatives to Wal-Mart’s hegemony may serve as push-back against a bully that hasn’t really faced anyone its own size yet.