Sensing opportunity for growth in America’s contracting retail sector, international discount grocer Aldi announced Monday plans to open 900 stores in the United States and to hire 25,000 employees by the end of 2022.
“In a turbulent retail environment, Aldi is bucking the trend plaguing many retailers by accelerating its growth of new stores with a total capital investment of $5 billion in new and remodeled stores over the next five years,” the German-based conglomerate said in a statement.
In the meantime, U.S. retail store closures have continued without let-up since the 2008 recession under Barack Obama. But it wasn’t Obama’s socialist economic policies that are mainly at fault.
The problem has been America’s reckless 60-year transition from true market capitalism to phony finance capitalism driving an economy fueled largely by asset bubbles and consumer debt.
While it’s good to hear that a foreign retail supermarket giant like Aldi plans to do big business in the U.S., what America needs is a vibrant home-grown manufacturing and retail economy — the kind that existed in the 1950s and 1960s that made America the greatest economic hub in world history.
Aldi’s strategic move deeper into the struggling retail U.S. retail market may serve to validate President Trump’s economic policies, or it may signify the rise of foreign vulture capitalism in the nation’s badly wounded retail sector.
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