Walmart is paying the District of Columbia $1.3 million of ???sorry money??? after the retailer ditched two planned stores in Washington???s low-income neighborhoods.
The two developments were terminated in 2016, after the city spent as much as $45 million to buy land for the project.
Officials also will pay Safeway $3.6 million beginning in 2019 because if a lease covenant preventing other grocers from opening in the area.
City officials made a stupid deal with an unreliable partner. Walmart is not a form of economic development, but D.C. leaders failed to do their homework.
https://www.washingtonpost.com/news/business/wp/2018/03/29/walmart-is-paying-the-district-1-3m-for-backing-out-of-plans-to-open-a-ward-7-store/?utm_term=.6c94aed480bf
This story has embarrassed D.C. officials, who, to this day, continue to see Walmart as a form of economic development, instead of a form of economic dislocation.
Read the sorry story here:
https://www.washingtonpost.com/news/business/wp/2018/03/29/walmart-is-paying-the-district-1-3m-for-backing-out-of-plans-to-open-a-ward-7-store/?utm_term=.6c94aed480bf
Walmart is paying the District of Columbia $1.3 million of ???sorry money??? after the retailer ditched two planned stores in Washington???s low-income neighborhoods.