Posted on 12/07/2018 1:38:54 PM PST by Red Badger
Walmart’s Doug McMillon keeps a list of the top 10 retailers over the decades to remind him you have to innovate and adapt constantly. Becky Quick | CNBC
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Walmart CEO Doug McMillon keeps a photo on his phone that lists the top 10 retailers in the U.S. over the past few decades to remind him how so many companies come and go. Walmart wants to keep its No. 1 spot, which it’s held since the 1990s when it overtook Sears.
“After learning from so many people ... we know that retailers come and go,” McMillon told CNBC’s Becky Quick Thursday, after he spoke in Washington, D.C., at the Business Roundtable CEO Innovation Summit. “Businesses grow and they don’t change enough and they decline over time. Retailers do that on a bit of a faster cycle.”
McMillon added Walmart has a “healthy paranoia” to stay ahead of rivals. Today, the retailer is seen as neck and neck with Amazon, which is starting to invest more in real estate and open stores while building out a bigger platform for food and apparel online. In fact, the e-commerce giant is expected to overtake Walmart as the No. 1 apparel retailer in the U.S. by the end of this year, according to Morgan Stanley.
Walmart, in turn, is fighting back by acquiring digital brands and remodeling its stores — two key parts of its growth strategy. Thursday it announced its plans to acquire Art.com to bolster its home decor business, following recent acquisitions of lingerie brand Bare Necessities and plus-size clothing retailer Eloquii. It’s said it could one day own as many as 40 e-commerce businesses, while Amazon has taken a different approach to growth. Instead, it continues to partner with established brands like Nike and J.Crew to sell their merchandise on Amazon.
“You see the rise and fall of Sears and others,” McMillon said. “It’s just a reminder that this can happen to us too.”
Five Guys have great hamburgers and we have one two miles from us. Yum! and all the peanuts you want.
I earn more per hour as a Direct Care Worker with better working conditions than I did working for Walmart. As a Direct Care Worker I can use the restroom whenever I want. There were times I had to go six hours before I was allowed to use the restroom working at Walmart.
Good for you! Obviously Walmart did not pay enough to keep someone like you.
Walmart has a lot of issues. Too many here on FR to list. They are absolutely terrible!
Actually, the company that could have been Amazon was Fingerhut. They were 100% catalog sales (cheap stuff mainly) and had a huge logistical footprint. Based in the Midwest, they had everything they needed except the foresight to move online.
I think they’re still around, but lost the market like so many other large businesses. Xerox, IBM and Kodack all gave away the store because they couldn’t get past their self image. Out of all of the retailers, I hate to see Sears go under, but they’ve been trying to commit suicide for decades. Walmart is no better than Amazon in practice or politics. A pox on both houses as far as I’m concerned.
At least Amazon pays everyone 15 hour to start. Walmart is still at 11 I believe. 8 grand a year in salary for full time can be quite an incentive.
That’s interesting. I never heard of Fingerhut. My parents were Sears people. They took me there every week when I was a boy. It was the place to shop in the 1960s.
“Walmart has a lot of issues. Too many here on FR to list. They are absolutely terrible!”
And yet, when they open a new store hundreds of people line up to apply.
——Walmart’s problem is salary for their employees. Who wants to deliver products from Walmart for minimum wage?-——
You might want to do a little research on payscales for major retailers before posting ignorant statements...
Wife has been employed by WM for 14 years
Benefits suck as well....just paid for an eye exam and new titanium frames and lens
$23.00 dollars...yup WM sucks
I’m glad she was able to stick it out for 14 years. I couldn’t stand going in there from day to day.
There are minimum wage jobs everywhere when the unemployment rate is at 3.7%. When that’s the case, why work for WM? I’d rather work at a fast food joint.
Zayre’s was bought out by what is now T.J.Maxx, who also owned AMES Stores. Some of the Zayre’s were converted to Ames and the rest were closed, like ours. They also own Marshall’s.......Our old Zayer’s is now a Ross.......
We have one of those. Only ate there once.
Never order ‘large fries’........................
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