According to the groups Institute for America's Future and Institute for Local Self-Reliance, Wal-Mart stores took $20.3 billion out of local communities this holiday season.
Excerpts from an IAF release follow.
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According to a report by the Institute for Local Self-Reliance, $200 spent in locally owned businesses provides the town and surrounding area $44.60, while large retail chains only give back $24.10 to local communities, mainly in the form of wages and service. Therefore, local communities lose at least $30.50 for every $200 spent at Wal-Mart.
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For this holiday season, Wal-Mart's record-breaking sales mean staggering losses for Main Street, U.S.A.: $20.3 billion. Had that $66 billion been spent at locally owned businesses, it would have generated some $29.7 billion for local communities. However, thanks to Wal-Mart, that $66 billion translates to only $9.4 billion going into local economies.
