SEATTLE, April 23, 2012 /PRNewswire/ -- A new report from Puget Sound Sage, a Seattle economic policy advocacy organization, and authored by economic impact expert Dr. Chris Fowler of the University of Washington, reveals that each new Walmart store opening in a Puget Sound neighborhood will result in a net loss of $13 million of net economic output and $14 million in lost wages over the 20 year life of the store. A copy of the report can be found at: http://pugetsoundsage.org/walmart
Dr. Fowler is one of the first in the nation to use detailed economic analysis to determine the impact of a new Walmart "neighborhood market" and stands in direct contrast to the academically weak reports commissioned by Walmart to promote its expansion in urban areas in recent years.
"We know now the true economic impact a Walmart store has on a neighborhood when it moves in," said researcher Dr. Fowler. "The research shows that the negative impact is due to the use of the Walmart business model. A new 'generic' grocery store does not equal economic harm, but a new Walmart does."
"Walmart may say they help people 'Live Better,'" said David West, Executive Director of Puget Sound Sage. "But this study shows that communities will be much worse off, with lower wages and less money in the community after a Walmart opens."
Walmart has announced plans to open at least four new stores recently in Central Puget Sound: East Bellevue, Factoria Square, Tacoma and Lynnwood. It is widely assumed that Walmart is also seeks to open stores in the City of Seattle.
This report is being distributed to regional policy makers as a resource for local policy discussions about the impact of opening additional Walmart-type stores on the local economy and poverty in the Puget Sound region.
Over the course of 2012 Puget Sound Sage will be releasing a series of briefs and reports examining the impact of service sector industries on the Puget Sound regional economy.
Contact: Howard Greenwich, Research Director, Puget Sound Sage: P: 206.568.5000, ext. 12; E: [email protected]
Founded in 2007, Puget Sound Sage is a regional leader in the effort to address the challenges of working poverty, inadequate health care and urban environmental issues through new approaches to economic development. Sage combines a commitment to equity with rigorous research, policy analysis and advocacy work.
SOURCE Puget Sound Sage