As long as most of us can remember, the Japanese have been such faithful consumers of luxury goods that items like designer handbags were effectively considered mass-market. Perhaps for this reason, Wal-mart has never yet seen a profit from its Japanese subsidiary (Seiyu) since first opening the stores 7 years ago.
But that is soon to change. Against all odds (popular consumer opposition, resistance on the part of employers) the company dug in with its pointy little claws and stayed the course, waiting for its luck to change. It's business plan included forcing layoffs of about 25% of the store's employees (an unheard of practice in Japan), aggressively cutting out distribution middlemen, mandating that stores remain open for 24 hours, and pushing historically unpopular and lower-quality goods from China.Sure enough, Wal-mart's luck has changed in Japan, much as its wealth this past year has grown at a rate inverse to that of consumers worldwide. Sales at Seiyu have risen every month since November, and this year, the company expects to make a profit. Congratulations, you blood-sucking parasite.
Meanwhile, handbag designer Louis Vuitton canceled its plans for a fancy new store in Tokyo, as the company's sales in Japan have dropped 20% in the first 6 months of this year.
this is really sad.
ReplyDeleteit's the same with any form of consumption. people have less money, they buy what's cheap. people can't afford to think about eating healthily and making socially-, environmentally-conscious etc choices if they can't even afford basic goods. and corporations will exploit this fact to no end.
and this is why our world will always be corrupt and poor. thanks walmart.
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