Wal-Mart Stores Inc. (NYSE: WMT) already has one store in Chicago, but ran into staunch resistance from the city's politicians and labor leaders when it looked to open more.
Now the company is deciding that the time is right to give it another shot: Chicago's budget is a mess and disposable income is at a premium. The theory apparently is that Chicagoans were willing to stand on principle when times were good but now that it's a recession, they'll happily trade their values in for everyday low prices.
It reminds me of this old story about the ever-wise-crackin' Sir Winston Churchill: The British Statesman offered a woman an enormous amount of money to provide him with a romantic favor. When she accepted, he countered with an offer of £10.
"Sir," replied the offended lady, "what kind of woman do you think I am?"
"From your first answer, madam, I know what you are," Churchill reportedly replied. "Now we are just negotiating price."
"I think people are starting to understand we can be relevant in the urban area and improve the quality of life," said John Bisio, Wal-Mart's Chicago director of public affairs and government relations told (subscription required) The Wall Street Journal. "The economy being what it is, the city and various aldermen have reached out to us to inquire about our desire to expand what we have."
Whether Chicago and other cities should open their doors to Wal-Mart is a matter that has been debated for literally millions of hours. But it would be a shame to see the city completely abandon whatever principles it claims in order to raise quick cash in a tough economy. But if the city is going to try to make a deal with Wal-Mart, I know an unemployed former governor who is a master negotiator.
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