Despite their success in Michigan in building of a new Wal-Mart Supercenter, the folks in Bentonville are not having similar success in Iowa. Iowa City Manager Steve Atkins is pleading with the Iowa City Council to deny a request -- a third request -- from Wal-Mart to extend its purchase agreement with the city in preparation for building a new Supercenter in South Iowa City.
With the Iowa State Supreme Court being sent a message from the opponents of the planned Supercenter, Wal-Mart wants to extend the purchase closing date by another 30 days or so (again, it's third request for an extension) for some unknown reason. Perhaps it wants to keep the parcel of property in question "open" as needed so that it is at least "secure" from other purchasers for the time being.
I can see Iowa City's argument here from this side: Keeping the property -- a little over 21 acres -- off the market while waiting for closing keeps other potential buyers from possibly purchasing and closing much sooner on the property than Wal-Mart would. In this case, and on this basis alone, I agree with Iowa City's opposition -- money talks and those who wait, should walk. Wal-Mart, if you really want this property for development, close and move forward.
Wal-Mart has trouble securing an extension to build Iowa Supercenter
Posted Jun 9th 2006 2:23PM by Brian White
Filed under: Deals, Bad news, Newspapers, Wal-Mart (WMT)
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
Reader Comments (Page 1 of 1)
6-09-2006 @ 7:06PM
Cat said...
Wal Mart just never changes. They want everything for nothing. Iowa City should just tell them they don't need another Wal Mart with low wages, poor benefits, etc. that will just destroy more local businesses. If they want the property PAY FOR IT like everyone else is expected to or move along down the road to the next town.
6-10-2006 @ 4:36PM
torrey jacobsen said...
we are fighting wal mart in crofton maryland and need people to email our elected officails to stop this store it does not fit in our community it will have a negitive impact on traffic and destory virgin land that is right on the rivers edge. go to greatercroftoncouncil.org their emails are listed on our web site. please help us stop wal mart.....
6-11-2006 @ 8:39PM
Willie Hawkins said...
I the community does not want Walmart..... Just don't shop at the new store. Why wast time protesting?????