• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, May 12, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

Walmart Announces Closure of Half Its Stores in Major U.S. City Due to Massive Financial Losses

by Sneha Singh
April 16, 2023
in News
Reading Time: 3 mins read
0
Walmart
TwitterWhatsappLinkedin

Walmart decided to close half of its stores in Chicago, including three in predominantly minority neighborhoods. The decision has raised concerns about the impact on these communities’ access to affordable food and other necessities. The closure of these stores, which have been losing tens of millions of dollars a year, highlights the challenges faced by low-income neighborhoods and the impact of retail giants on local economies.

You might also like

Mittal’s Airtel Eyes 49% Stake in Haier India; Reliance, Dabur Not Far Behind

Petcare Startup Vetic Raises ₹224 Cr, Eyes 65 Centers by 2025

FTC Pushes Back “Click-to-Cancel” Rule to July, Giving Businesses More Time to Comply

This phenomenon, commonly known as “food deserts,” has left many residents with limited access to healthy and affordable food options.

According to a U.S. Department of Agriculture report, over 23 million Americans live in food deserts, defined as areas with limited access to healthy and affordable food options. In many of these communities, residents rely on convenience stores or fast-food restaurants for their meals, often leading to health problems such as obesity, diabetes, and heart disease. The closure of Walmart stores in these areas will further exacerbate this problem and highlight the need for alternative solutions to address the issue of food insecurity in urban communities.

Access to healthy food options is particularly pronounced in low-income neighborhoods and communities of color, where supermarkets and other grocery stores are less likely to invest.

Walmart Announces Closure of Half Its Stores in Major U.S. City Due to Massive Financial Losses
Credits: The US Sun

Access to essential goods and services 

As Walmart announces the closure of stores in predominantly minority neighborhoods, echoes of a long-standing trend reverberate. For years, retailers have turned a blind eye to low-income areas and communities of color, citing concerns over crime and slim profit margins. But this chronic neglect has left these communities grappling with limited access to vital goods and services, such as healthcare and education. With Walmart’s withdrawal, the situation grows even direr, underscoring the urgent need for innovative solutions to combat food insecurity in urban areas.

One potential solution to the problem of food deserts is the creation of community-owned grocery stores. Community residents own and operate these stores and provide access to healthy and affordable food options. Community-owned stores can help create jobs, reduce crime rates, and promote healthy eating habits. They can also give a sense of ownership and pride in the community, which can help to strengthen social bonds and reduce social isolation.

Another solution is to incentivize businesses to invest in under-resourced communities. This can be achieved through tax incentives, grants, and low-interest loans. By providing financial support for companies that invest in these areas, policymakers can help to stimulate economic growth and create jobs. This can also help to reduce crime rates and improve access to essential goods and services.

Walmart stores should serve as a wake-up call for business 

The government also has a role in addressing food insecurity in urban communities. This can be achieved through policies encouraging the development of supermarkets and grocery stores in low-income neighborhoods. By creating policies that incentivize businesses to invest in these areas, policymakers can help address food insecurity and promote economic development. One example is the Healthy Food Financing Initiative, a federal program funding businesses that invest in under-resourced communities.

In conclusion, the closure of Walmart stores in Chicago and other cities highlights the challenges faced by low-income communities and the impact of retail giants on local economies. It underscores the need for companies to invest in under-resourced communities and provide access to affordable goods and services. The government must address food insecurity and create policies encouraging businesses to invest in these communities. The closure of Walmart stores should serve as a wake-up call for policymakers, business leaders, and communities to work together to find sustainable solutions to these issues.

Workers at the impacted Walmart stores in Chicago will have the opportunity to transfer to other locations within the company, according to the retailer’s statement. Additionally, Walmart has expressed its commitment to collaborate with city government officials to explore potential alternative uses for the spaces left vacant by the store closures.

Tags: cost cuttingHealthy Food Financing Initiativelow incomeStores ClosedWalmart
Tweet54SendShare15
Previous Post

Tucker Carlson from Fox to interview Elon Musk

Next Post

JPMorgan CEO Jamie Dimon Announces Headcount to Remain Steady After 8% Annual Increase

Sneha Singh

Sneha is a skilled writer with a passion for uncovering the latest stories and breaking news. She has written for a variety of publications, covering topics ranging from politics and business to entertainment and sports.

Recommended For You

Mittal’s Airtel Eyes 49% Stake in Haier India; Reliance, Dabur Not Far Behind

by Ishaan Negi
May 12, 2025
0
Mittal’s Airtel Eyes 49% Stake in Haier India; Reliance, Dabur Not Far Behind

The creator of telecom behemoth Bharti Airtel, Sunil Bharti Mittal, is allegedly in advanced negotiations to purchase a 49% share in Haier Smart Home India for almost $2...

Read more

Petcare Startup Vetic Raises ₹224 Cr, Eyes 65 Centers by 2025

by Ishaan Negi
May 12, 2025
0
Petcare Startup Vetic Raises ₹224 Cr, Eyes 65 Centers by 2025

In a powerful endorsement of India’s rapidly growing petcare industry, Gurugram-based startup Vetic has raised ₹224 crore (~$26 million) in its Series C funding round, led by Bessemer...

Read more

FTC Pushes Back “Click-to-Cancel” Rule to July, Giving Businesses More Time to Comply

by Harikrishnan A
May 11, 2025
0
FTC Pushes Back “Click-to-Cancel” Rule to July, Giving Businesses More Time to Comply

Consumers hoping for a smoother way to cancel online subscriptions will have to wait a bit longer. The Federal Trade Commission (FTC) has delayed enforcing a key rule...

Read more
Next Post
JPMorgan

JPMorgan CEO Jamie Dimon Announces Headcount to Remain Steady After 8% Annual Increase

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?