Word: marts
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Dates: during 1990-1999
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Ethnic-minority shoppers, predominantly African Americans, Hispanics and Asians, spent $600 billion on everything from toothpaste to shoes to cars last year, up 18% since 1990. By the year 2000, minorities may account for 30% of the economy. Major corporations like Pepsico, K Mart and J.C. Penney are going all out to win over free-spending ethnic consumers, recruiting minority marketing experts who speak each group's language and know their customs. "This is the era of ethnic marketing," says Gary Berman, president of Market Segment Research, a consumer specialist in Coral Gables, Florida. "Mass marketing worked when America...
More important, the jobs being wiped out at giants like Kodak, McDonnell Douglas, IBM and General Motors are far better paid than the jobs opening up at companies still growing rapidly. Wal-Mart, the discount-store chain, created more jobs in the first 30 months of the recovery than any other company in the country, but they generally pay only about $5 to $9 an hour. PepsiCo is still expanding, but most of the new jobs are for those who feed the ovens at the company's Pizza Hut, Taco Bell and KFC fast-food restaurants. Result: many people...
...companies with a foothold in Mexico's market of 88 million people have ambitious expansion plans there regardless of NAFTA's fate. Dallas-based Southland Corp. operates 180 7-Eleven stores with joint-venture partners in Mexico and will open 20 more by the end of the year. Wal-Mart opened a block- long supercenter in Mexico City in September, along with five Sam's Clubs warehouse stores. The Arkansas-based company is completing a second supercenter in Monterey, Mexico, this month, plus two more warehouse clubs. Rival K Mart will open its first Mexican store in 1994, and plans...
...backlash against Wal-Mart and other discount retailers...
Recent studies also weaken the argument that the large retailers hurt the economy of the communities. Kenneth Stone, an economics professor at Iowa State, conducted a study of Iowa towns with Wal-Marts and found that while the number of small retailers did decline, other business was attracted to the area. "Apparently Wal-Mart stores attracted customers into town from a greater radius than had occurred before their entry," Stone says...