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Just to widen the context. From New Yorker (1) Walmart and Target earn between three and four cents on the dollar; a typical McDonald’s franchise restaurant e
by somberi 11y ago
Just to widen the context. From New Yorker (1)
Walmart and Target earn between three and four cents on the dollar; a typical McDonald’s franchise restaurant earns around six cents on the dollar before taxes, according to an analysis from Janney Capital Markets.
In fact, the combined profits of all the major retailers, restaurant chains, and supermarkets in the Fortune 500 are smaller than the profits of Apple alone.
Yet Apple employs just seventy-six thousand people, while the retailers, supermarkets, and restaurant chains employ 5.6 million.
The grim truth of those numbers is that low wages are a big part of why these companies are able to stay profitable while offering low prices.
(1) http://www.newyorker.com/magazine/2013/08/12/the-pay-is-too-damn-low http://www.newyorker.com/magazine/2013/08/12/the-pay-is-too-...
- cowsandmilk 11y ago> Walmart and Target earn between three and four cents on the dollar; a typical McDonald’s franchise restaurant earns around six cents on the dollar before taxes, according to an analysis from Janney Capital Markets. Those numbers say nothing about how many cents on the dollar their retail employees currently cost. A cashier can easily check out thousands of dollars of merchandise an hour. I can virtually guarantee retailers pay more in credit card processing fees than they do for their retail employees. Of course, Target reflects this with their 5% Red Card. And many smaller retailers reflect this by either (a) not taking credit cards or (b) only taking certain cards.
- michaelmrose 11y agoNobody is disputing the idea that prices will rise as wages hopefully you aren't so greedy that you would rather they not make a living wage