Fortune has an interesting article about a Target that opened up in Walmart country. The store is located about seven minutes from “Wal-Mart No. 1”, the first Wal-Mart ever built, and 20 minutes from Walmart’s headquarters in Bentonville, AR. At first, Target was concerned that the Walmart faithful wouldn’t shop at their new store — but they worried needlessly. Apparently, former CEO Lee Scott and current CEO Mike Duke are regulars.
Retailers are hoping that the credit crunch ends and consumers will start spending like crazy again — but Walmart’s CEO Lee Scott doesn’t think that’s going to happen.
“I feel we are well positioned for an economic downturn,” Scott said. “Our low prices and low-cost business model should give us an advantage over other retailers if things get more difficult for consumers.”