When a Walmart disappears, here’s what happens to nearby stores. It’s not what you’d expect

Shoppers often greet the closure of a Walmart with dismay, while competitors find cause to celebrate. Among critics of the big-box behemoth, a long-held assumption is that once a Walmart disappears, shoppers seeking groceries, household goods, meals and services will flow to businesses down the road. But what if the economic downside of a closure is bigger? We are marketing scholars who have studied dozens of Walmart closures in the United States. We found that nearby stores saw a slump...