MX DEC 09

Networked Landscapes Wal-Mart as a Localization Catalyst

The roots of the modern American Suburb can be traced back to over 100 years ago, as garden city urban models were created and gradually merged with functionalist modern city planning. As the nuclear family witnessed an explosion during the postwar baby boom, so too did the single-family home- rapidly decentralizing urban centers across North America. Coinciding with the postwar building boom in North America, the strip mall began to emerge as a commercial type, as urban planning began to encourage business to cluster along main arterial roads. While this not only reinforced the auto-centric suburban lifestyle, it also paved the way for what would eventually evolve into what we know today as the big box store, which today behaves as the spatial and commercial centers of the de-centralized North American suburb.

The creation of the big box model is often credited to Wal-Mart, which opened its first store in Arkansas in 1962. Characterized by large warehouse like buildings surround by seas of asphalt parking, big box stores continue to follow the post-war suburban land use mandate, clustering around major vehicular arteries - both easing big box distribution logistics as well as North American automobile reliance. Initially a typological novelty, the utilization of the big box model gradually spread across the continent. Today, the big box store dominates the commercial landscape, both in terms of total sales as well as square footage. Wal-Mart continues to dominate the growth and development of the big box model, which has seen it become the largest retailer in the world.

The core of Wal-Mart’s business model is the volume sale of the lowest possible priced consumer goods. It is this simple statement that dictates everything within in the corporation, from logistics, to strategy. At the forefront of Wal-Mart’s commercial innovations was its reorganizing of the relationship between retailer, distributer, and suppliers. Essentially cutting out the traditional distributer, Wal-Mart has embraced just in time retailing, creating their own tight knit distribution system directly from the manufacturer – creating the largest truck fleet in the United States. Their quest for price reductions has driven the outsourcing of manufacturing overseas reducing domestic suppliers to mere suppliers. Today, Wal-Mart accounts for just over 15% of all imports from China to the United States. While this supply and distribution chain is energy intensive and reliant on cheap oil it has passed an average saving of 10% over its competitors as a whole, with grocery savings seen as high as 25% over its competitors.

In recent years, the consumption of energy, specifically fossil fuels has become one of the most prevalent global issues. While concerns over global warming have dominated the social agenda in recent years, many predict it is the economic constraints of oil, a finite resource, which will have a more immediate forceful effect on the global economy and North American lifestyle as we approach its peak. While the exact timing of peak oil is subject to debate, it has become very clear throughout the global warming debate that the world relies heavily on oil from the scale of global trade, to navigating our cities. Essentially, this threatens both suburban communities as well as their commercial centers. It is predicted this phenomena will see a return to the centralized urban model, with manufacturing, food production, distribution of goods, transportation and living returning to nodal localization.

Acting as the largest retailer, grocer, distributer, suburban nodal center and a primary proponent of globalized trade, Wal-Mart presents itself as a fragile commercial entity. Given its already layered infrastructures, coupled with its urban situation, acting as a primary suburban node, Wal-Mart presents itself as both a fascinating lense through which to study the dynamics of the oil dependant global economy, but also the centre of an urbanistic reorganization, as the imperative for density and localization become evermore clear. This thesis argues Wal-Mart sites throughout North America can act as a catalyst in this suburban reorganization and explores the architectural and infrastructural possibilities therein.

Outlet Growth and Nation Saturation

Maintaining a presence in the following countries: Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guetemala, Hondouras, Japan, Mexico, Nicaragua, Puerto Rico, and the United Kindom.

Amoungst other things, WAL-MART IS: The world’s largest priviate employer with 1.9 million associates.

The world’s largest retailer witho over 3700 stores.

The largest grocer in the United States, Canada, and the United Kingdom

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The owner of the worlds largest database. They manage more bits of data than the entire rest of the internet combined

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Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart 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Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart 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Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart Wal-Mart

Logistics and Fuel Consumption

$337 772 Wal-Mart = 15.4%

Each Wal-Mart location is within 200 miles of a distribution centre

Wal-Mart maintains the largest priviate truck fleet in the United States

United States

Hong Kong

Japan

South Korea

Germany

Netherlands

Wal-Mart United Kingdom

Wal-Mart accounts for over 15% of all chinese exports to the United States If Wal-Mart were a nation, it would have the 7th best economy in the world.

Net Oil Discoveries Vs. Extraction 2075

2050

2025

2000

1975

1950

1925

Hubert Curve Extrapolation

30

20

20

10

oil recovery phases

50%

2000

1990

1980

-20

1940

90%

1970

100%

0

1960

oil recovery phases

0

1950

production - billions of barrels per year

30

curve of typical oil field depletion applied to world reserves

Primary

Secondary Tertiary

This stage requires the least amount of energy to extract the oil. Naturally built up gasses physically push the oil up the well. Primary recovery generally draws approximatly 10% of any given oil resevoir.

During secondary extraction, water or gasses are pumped into a resevoir to repressurize the oil. This allows for an additional 10 to 40% extraction

World Oil Price (usd)

Once a well reaches tertiary recovery, there may be up to 50% of the original reserve left in the resevoir, but the increased cost of extraction makes the well no longer economically viable.

At this point, a well is generally capped. Without a substantial increase in the price of crude, the remaining oil remains in the resevoir.

$140

$120

$100

Supply Vs. Demand

$80

S

D

$60

$40

Equilibrium

$20

D

D

S

D

S

2009

2005

2000

1995

1990

1985

1980

1975

1970

1965

1960

1955

1950

1945

$0

S

40

100%

4040 35

100% 100% Once on the downward slope of Hubberts Curve, the oil supply curve will begin to march to the left, as finite oil reserves diminish. This coupled with the rightward movement in the demand curve will push prices up exponentially.

80% 80%

3030 25

60%

2525 20

60% 60%

40%

2020 15

40% 40%

1515 10

20%

10105

20% 20%

0%

5 50

0% 0%

00

Fuel

Other

K.

J.

I.

H.

F. G.

A. B.

Fuel Fuel Other Other

y/y % chg

2000 $3000 2000 2000 Oil at $20 $3000 $3000 OilOil atat $20 $20

2008 $8000 2008 2008 Oil$8000 at$8000 $140 OilOil atat $140 $140

y/y y/y % chg % chg

N.

For various reasions oil consumption and global demand is on the rise. As this occurs, the demand curve gradually marches rightward.

This pushes the price point equilibrium upwards. This is the scenario at play up until and including the peak of oil production. As the equilibrium intersection takes place at increasingly steep moment in the respective cruves, the price becomes more and more volatile

3535 30

L.

At present, both the supply and demand for oil approach inelasticity. That is, as a finite resource, at a certain point, it will be impossibel to supply more oil, regardless of the price. Likewise, with no current sufficient energy substitute the global demand curve also approaches inelasticity

80%

Oct-06 Oct-06 Oct-06 Dec-06 Dec-06 Dec-06 Feb-07 Feb-07 Feb-07 Apr-07 Apr-07 Apr-07 Jun-07 Jun-07 Jun-07 Aug-07 Aug-07 Aug-07 Oct-07 Oct-07 Oct-07 Dec-07 Dec-07 Dec-07

quantity

2001 20012001 2005 20052005 $150 $150$150 $200 $200$200

price

Transoceanic Shipping Strain

Predicted Peak Oil Timeline 2000

2005

2010

2015

2020

2025

2030

E.

D.

C.

A. B. C. D. E. F. G. H. I. J. K. L. M.

2035

Bakhitari, A.M.S. - Oil Executive. Iran Simmons, M.R. - Investment Banker. U.S. Skrebowski, C. - Petroleum Journal Editor - U.K. Deffeyes, K.S. - Oil Company Geologist - U.S. Goodstein, D. - Vice Provost, Cal Tech - U.S. Campbell, C.J. - Oil Geologist - Ireland World Energy Council - World Non Gov’t Org. Pang Xiongqi - Oil Executive - China Laherrere, J. - Oil Geologist - France EIA Nominal Case - DOE analysis / Information - U.S. CERA - Energy Consultants - U.S. Shell - Major Oil Company - U.S. O.P.E.C.

Never 2006 - 2007 2007 - 2009 After 2007 Before 2009 Before 2010 Around 2010 After 2010 2012 2010 - 2020 2016 After 2020 2025 or Later Never