More Info on Wal-Mart

About benefits:

"Wal-Mart Says Health Plan Is Covering More Workers." The New York Times, Jan 11, 2007 pC13.

But the company said that, even with the increase, less than half of its 1.3 million employees -- 47.4 percent -- receive health insurance through Wal-Mart. About 10 percent of its employees, or 130,000, have no coverage at all.

Offering what it called an in-depth snapshot of its employees' health care, Wal-Mart said yesterday that most workers were insured, but many relied on coverage from a spouse, parent, previous employer or government program.

About Wal-Mart and taxes:
"Wal-Mart Cuts Taxes By Paying Rent to Itself." Jesse Drucker. Wall Street Journal - Eastern Edition; 2/1/2007, Vol. 249

Abstract: The article focuses on a unique tax cutting strategy which is used by Wal-Mart Stores Inc. Wal-Mart pays billions of dollars a year in rent for its stores but has saved itself tax dollars by taking advantage of a tax loophole and placing stores in the United States in approximately 25 states which allow Wal-Mart to pay rent to itself and deduct that amount from its state taxes. According to court records the technique has saved Wal-Mart from paying several hundred million dollars in taxes.

About the expansion strategy:
"Slowing Expansion Plan: Wal-Mart Cuts Openings, Tweaks Fashion Formula." Jeanine Poggi and Katherine Bowers. WWD: Women's Wear Daily; 10/24/2006, Vol. 192
Issue 86, p1-14, 2p, 1c

Abstract: The article reports on the plan by Wal-Mart Stores Inc. to adjust its growth model. The world's largest retailer will slow the pace of U.S. expansion and spending next year as it seeks to improve returns and jump-start its stock price. In another key shift, the company intends to halt a market saturation strategy in which giant supercenters -- stores of at least 100,000 square feet or more -- were built a mile apart, which cannibalized existing store sales and was unpopular with some investors.

About Wal-Mart performance:
"Wal-Mart Woes Bring Hope to Supermarkets." Mark Hamstra. Supermarket News; 12/18/2006, Vol. 54 Issue 51, p24-25, 2p

Abstract: The article reports that Wal-Mart saw its sales momentum deteriorate throughout 2006. The company attributes its weak sales performance on causes ranging from the high cost of gasoline through summer months to difficult comparisons with post-hurricane spending in Fall 2005. In November 2006 Wal-Mart posted negative comparable-store sales, marking its worst performance in a decade and an unhappy start to the holiday season.

See also "Wal-Mart's revamped '07 expansion plans aim to increase capital" in Retailing Today, November 6, 2006 (author Mike Troy). It's an interesting article, pretty much an expansion on the same meeting reported in the Shapira article mentioned in a previous post. Had I but worlds enough and time, I would quote more, but, since at my back I always hear ungraded papers hurrying near, I'll just quote this part:

[...]Investor discontent and a stagnant share price caused Wal-Mart to re-examine its pipeline of new stores and rethink the timing of when and where store openings should take place to minimize the impact on existing stores while achieving the greatest return on invested capital. That wasn't the case the past several years as Wal-Mart was intent on opening U.S. stores as fast as possible before its expansion efforts could be stymied by anti-big-box regulations[...]

About real estate:
"The Wal-Mart Way." Curt Hazlett. Retail Traffic. July 30, 2004.

[Wal-Mart] currently offers 380 buildings for lease or sale and about 350 parcels of land. Last year the division sold 240 outparcels and 70 buildings.

The article explains that those outparcels go to fast food franchises. What that suggests is that, in 2004, Wal-Mart was sitting on 310 buildings, or very nearly the same number given by Sprawlbusters.