Wal-Mart to buy $50 bn of US-made goods to boost economy
16 Jan 2013
The largest retailer in the US, Wal-Mart, says it plans to buy an additional $50 billion worth US-made products like sporting goods and high-end appliances over the next decade in a bid to help boost the US economy.
According to Wal-Mart, the plan to buy more US-made goods was an effort to create US jobs and spur economic growth. The move though has prompted critics to call on the retailer to help the economy by paying better wages and offering workers more regular hours.
The moves come as the US economy continued to plod for three-and-a-half years following the end of a severe recession.
According to Terry Lundgren, chief executive of Macy's Inc and until this month the chairman of the National Retail Federation, toid Reuters Wal-Mart's plans to buy American products were good but that cost would still be an issue.
He said all retailers would love to do that, but the customer would not pay more.
Wal-Mart has faced criticism for not paying its workers enough and for selling too many goods made in lower-cost countries like China.
The company's sourcing practices have also been slammed particularly after a deadly fire at a Bangladesh factory that made Wal-Mart clothes.