"In my mind, there is no doubt that this is Wal-Mart time. This is the kind of environment that Sam Walton built this company for."
-- Lee Scott, president and CEO of Wal-Mart (WMT), in The New York Times today. Consumers are going for value and there's no better evidence than Wal-Mart's October sales. Same-store sales at Wal-Mart increased 2.4%, beating expectations. The stock dropped only 1% on a 443-point down day for the Dow. And it's up in after-hours trading. Meanwhile, Target's (TGT) per-store sales dropped 4.8%--more than anaysts predicted. Gap (GPS) and J.C. Penney (JCP) took even bigger hits, and even sales at Costco (COST) fell 1%. No mercy these days.
"Be the change you want to see in the world."
Blake Mycoskie, founder and Chief Shoe Giver of TOMS Shoes, says that this Mahatma Ghandi quote is his favorite--and he even sells shoes that display those words. I met Mycoskie last evening at Arianna Huffington's house in Los Angeles, and he so impressed me that I visited him this afternoon at TOMS headquarters in Santa Monica. Fascinating business: For every pair of MOREPatricia Sellers - Oct 11, 2008 1:48 AM ET
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