Chicago Mayor Richard Daley vetoed the "big box" wage ordinance which would have required retailers with over $1 billion in annual sales and 90,000 square feet of retail space to pay employees a minimum wage of $9.25 per hour and $1.50 per hour in benefits, rising to $10 per hour and $3.00 in benefits by 2010. According to the Illinois Retail Merchants Association, 42 stores with 7,500 employees would have been impacted by the ordinance. According to MarketWatch, "news of the veto buoyed shares of Wal-Mart, which were up 1.4% at $47.35 in afternoon trading. Target shares rose, as well, trading up 1.4% at $51.25."
Reuters
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