The Wal-Mart Phenomenon and Retail Sector Productivity沃尔玛现象与零售业生产率.pptVIP

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The Wal-Mart Phenomenon and Retail Sector Productivity沃尔玛现象与零售业生产率.ppt

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The Wal-Mart Phenomenon and Retail Sector Productivity沃尔玛现象与零售业生产率

The WalMart Prices: Implications and Explanation Alice Nakamura (University of Alberta) Leonard Nakamura (Federal Reserve Bank of Philadelphia) Marc Prud’homme (Statistics Canada) Disclaimer: The views expressed here are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of Philadelphia, the Federal Reserve System,or Statistics Canada. Overview This reports a preliminary stage in the investigation of WalMarts impact on measured retail prices and productivity in US and Canadian economy There has been a spate of work done on WalMart (more than 20 academic papers) Can state and provincial data permit us to discern productivity impacts of WalMart on the retail sector as a whole? What is WalMart’s impact on productivity? What has been the impact of the impressive success of WalMart stores on overall retail productivity? Measured retail productivity growing briskly in US and Canada Particularly for general merchandise retailers Not for grocery stores Is this due to WalMart? McKinsey: Yes, WalMart is crucial According to the 2001 McKinsey Global productivity report, “From 1995-2000, general merchandise retailers doubled their productivity growth rates (10.1 percent per year from an already high 4.8 percent per year) and contributed 16 percent of the total retail productivity growth jump. The productivity jump in this sub sector was primarily due to heightened competitive intensity (due to the continued growth of WalMart) and increased consumer substitution toward higher-valued goods.” Hausman and Leibtag: Wal-Marts productivity is under-measured Wal-Mart’s goods are not considered the same as predecessor retailers Wal-Marts prices may be 20 to 25 % below prices of other general merchandise retailers Hausman and Leibtag discern big price differentials between WalMart and competitors in grocery items Are these price differentials due to lower quality? Basker data suggests that WalMart forces competitor prices lower Perhaps retail produ