#BentonvilleBoom #WalmartTechHub #UrbanTransformation
Summary
Bentonville, Arkansas, the hometown of retail giant Walmart, is undergoing a remarkable transformation. Once a quaint town, it now boasts an escalating population and a price tag that rivals major cities. The town's expansion, fueled by Walmart's evolution into a tech-driven company, has led to a rise in prices for long-term residents. New homes replace old farmhouses, and cyclists whiz by windows. Bentonville is attracting talent and companies, including Fortune 500 firms J.B. Hunt and Tyson Foods, and major Walmart vendors like PepsiCo, Hershey, Duracell, and Mattel.
The population has surged from 36,000 in 2010 to 58,000 in 2022, with plans to reach 200,000 people by 2050. The town's growth is evident in numerous construction projects, including new restaurants, hotels, and a medical school. Walmart's new headquarters, spanning approximately 350 acres, will include offices, a hotel, a food hall, and walking and cycling trails.
Bentonville's transformation has brought about a shift in identity for Walmart. The town now boasts amenities that rival startup hubs like Austin, Texas, and major cities like New York. Craft cocktails, hipster coffee shops, and chef-driven restaurants have popped up around the city. A $255-per-month members-only social club has become so popular it has a waiting list.
The influx of newcomers and companies has driven up the cost of living in Bentonville. Affordable housing has become a concern, with median household income rising approximately 25% from 2017 to 2022, outpacing gains across the U.S. The median household income in Bentonville is approximately $99,000 annually, compared to the $55,432 median household income in Arkansas and $74,755 nationally.
Despite the challenges, Bentonville's growth has brought numerous benefits, including new amenities and job opportunities. The region wants to learn from other boomtowns that have faced growth-related issues, such as traffic and displacement of residents. Brandom Gengelbach, CEO of the Greater Bentonville Area Chamber of Commerce, is focused on ensuring the region's growth is sustainable and beneficial for all residents.
Perspective
The comments section is filled with mixed reactions. Some residents express concern about the rising cost of living and the loss of the town's quaint character. Others praise the new amenities and job opportunities brought by the growth. Many commenters suggest that the town should focus on maintaining its small-town charm while still embracing the benefits of growth.
Data
- Bentonville's population is expected to reach 200,000 by 2050, a significant increase from its current population of 58,000.
- The median household income in Bentonville has risen approximately 25% from 2017 to 2022, outpacing gains across the U.S.
- Walmart's new headquarters will span approximately 350 acres and include offices, a hotel, a food hall, and walking and cycling trails.
Original Article: https://www.cnbc.com/2024/06/06/walmart-hometown-bentonville-arkansas-gets-more-expensive.html
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