Neumark, David; Zhang, Junfu; Ciccarella, Stephen - 2007
We estimate the effects of Wal-Mart stores on county-level retail employment and earnings, accounting for endogeneity … employment results indicate that a Wal-Mart store opening reduces county-level retail employment by about 150 workers, implying … that each Wal-Mart worker replaces approximately 1.4 retail workers. This represents a 2.7 percent reduction in average …