Wal-Mart: 50 Years of Gutting America's Middle Class?
That relentless focus on squeezing workers and suppliers for every advantage has paid off since July 1962. Walmart is now the second-largest corporation on the planet. It took in almost half-a-trillion dollars last year at more than 10,000 stores worldwide.
Walmart now captures one of every four dollars Americans spend on groceries.
While the big-box business model Sam Walton pioneered half a century ago has been great for Walmart, it hasn't been so great for the U.S. economy.
Walmart's explosive growth has gutted two key pillars of the American middle class: small businesses and well-paying manufacturing jobs.
Between 2001 and 2007, some 40,000 U.S. factories closed, eliminating millions of jobs. While Walmart's ceaseless search for lower costs wasn't the only factor that drove production overseas, it was a major one. During these six years, Walmart's imports from China tripled in value from $9 billion to $27 billion.