Walmart in New York debate continues



The debate over whether or not to allow retail giant Walmart to open shop in New York City has small business owners arguing that their survival depends on keeping the corporation out pitted against those arguing for jobs and consumer activity.

A Quinnipiac University survey of New York residents released in March found 68 percent agreed that a Walmart presence in the Big Apple would hurt its fragile but essential small business sector.

But more recently, a study by the National Bureau of Economic Research may put at least one aspect of the argument to rest - that Walmart would help the city's high unemployment rate, which is currently at 8.8 percent.

According to the New York Daily News, a Walmart presence would actually do the opposite, as the report found that for every two jobs Walmart creates, three local jobs are destroyed.

"With due respect to Walmart, this is not the kind of economic development neighborhood small businesses need," writes Steven Barrison for the Daily News. "Everywhere you look in New York, mom-and-pop shops help anchor our busiest and most vibrant business districts."

While the debate is far from over, the latest research may even encourage small retail entrepreneurs to form an LLC in New York City.

Tags : financial management, incorporation news, ny, small business management
Posted: May 4th, 2011
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