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What would us “Commoners” call what Joe is doing? Gouging!
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Joe's gunshop relies on the sell of guns, ammo and accessories to pay his employees, overhead and feed his family. When the gun and ammo shortage started Joe was left with little to sale because of the panic buying of consumers (that would be us).
As a result he had to mark up what little product he received in order to survive.. Joe knows how much he needs to make to stay afloat.
Walmart sells everything imaginable. If there were no guns or ammo to sell it would not affect their bottom line at all. They will survive just fine on the sell of everything else so what guns and ammo they receive does not require any additional mark-up.
I guess Joe should start selling groceries and household products also...
Now, while I'm sure some LGS's priced their product to the moon there were just as many consumers (again, that would be us) buying up all the ammo they could get (from Walmart) and asking crazy prices for it.
Now, if everybody quit buying from their LGS because they did not like him marking prices up above Walmart then Walmart will soon be the only place you'll be able to by from.
Jim