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Wal-Mart and Diamonds Coming To New York?
Retail giant, Wal-Mart Inc., is hoping to open a store within city limits of New York, about as far from downtown as the map would allow, in Rego Park, Queens.
"We are interested in the New York metro market, but nothing is yet signed," a Wal-Mart spokesman said.
On February 10, news agencies in New York reported that Developer Vornado Realty Trust filed a land-use application with the city for a shopping site to include a 132,000-square foot Wal-Mart store in Rego Park. The news reports created a stir with groups opposed to a Wal-Mart store in Queens.
Wal-Mart currently sells diamonds and jewelry in all of it's stores as well as on it's e-commerce website and it's potential entry into the New York market may have a significant negative impact on 47th Street retail dealers.
New York City council member for Rego Park, Helen Sears, said that no deal has been signed. Her constituency "has mixed feelings, but what is important for them is that Wal-Mart must review employee relationships."
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