Wal-Mart Is Pinched by the Bottom of the Pyramid

A worker pushes shopping carts in front of a Wal-Mart store in La Habra, California on May 9 Photograph by Jae C. Hong/AP Images

There’s an increasingly clear dynamic in U.S. retail: Companies that cater to consumers who are doing just fine are doing just fine. That group includes those selling fancy pickups (Ford), organic heirloom tomatoes (Whole Foods), nonfat lattes (Starbucks), and mink wraps (Michael Kors).

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