Report: Wal-Mart Scales Back Plans For New York City Store

Wal-Mart has decided to scale back plans to open its first New York City amidst staunch opposition, according to published report.

The retail giant had been pushing to open a store in the East New York section of Brooklyn as part of the Gateway II development, but the plans fell through in September after Wal-Mart was unable to come to financial terms with the developer in charge of the project, according to the New York Times.

Wal-Mart also told the newspaper it has canceled its contracts with lobbyists and consultants that had been advocating for a New York City store.

While some sources told the newspaper the retailer has all but abandoned its efforts in the city, spokesman Steve Restivo said the retailer has not given up its plans.

Read more at CBS News.

{Andy Heller-Matzav.com Newscenter}