Global_Business-Walmart

1 INTRODUCTION TO WALMART 1.1 Overview “Wal-Mart Stores, Inc., branded as Walmart, is an American multinational retail corporation that runs chains of large discount department stores and warehouse stores. The company is the world’s third largest public corporation, according to the Fortune Global 500 list in 2012, the biggest private employer in the world with over two million employees, and is the largest retailer in the world. Walmart remains a family-owned business, as the company is controlled by the Walton family, who owns a 48 percent stake in Walmart. It is also one of the world’s most valuable companies” (Walmart, n.d.). 1.2 Board of Directors Strong corporate governance is essential for a successful business, and the board members ensure Walmart operates with integrity and accountability. The Board of Directors are then assigned with responsibilities that are listed as follows (Board of Directors, n.d.): * Rob Walton (Chairman of the Board of Directors) * Aida M. Alvarez (Former Administrator of the U.S. Small Business Administration) * James I. Cash, Jr. (James E. Robison Emeritus Professor of Business Administration at Harvard Business School) * Roger C. Corbett (Retired CEO and Group Managing Director of Woolworths Limited) * Douglas N. Daft (Retired Chairman and CEO of the Coca-Cola Company) * Mike Duke (President and CEO, Wal-Mart Stores, Inc.) * Timothy P. Flynn (Retired Chairman of KPMG International) * Marissa A. Mayer (President and CEO of Yahoo!, Inc.) * Gregory B. Penner (General Partner of Madrone Capital Partners) * Steven S Reinemund (Dean of Business and Professor of Leadership and Strategy at Wake Forest University) * H. Lee Scott, Jr. (Retired President and CEO of Walmart) * Jim C. Walton (Chairman and CEO of Arvest Bank Group, Inc.) * Christopher J. Williams (Chairman and CEO of The Williams Capital Group, L.P.) * Linda S. Wolf (Former Chairman and CEO of Leo Burnett Worldwide, Inc.) 1.3 Locations and Stores Walmart has opened thousands of stores in the United States and expanded internationally. Today, Walmart operates more than 10,800 retail units under 69 banners in 27 countries. Walmart employs 2.2 million associates around the world (Our Locations, n.d.). The company operates under the Walmart name in the United States. It operates in Mexico as Walmex, in the United Kingdom as Asda, in Japan as Seiyu, and in India as Best Price. Walmart has wholly owned operations in Argentina, Brazil, and Canada. Walmart’s operations in the United Kingdom, South America, and China are highly successful (Walmart, n.d.). 1.4 Company Culture Walmart was founded on three basic beliefs: service to our customers, respect for the individual and striving for excellence. First of all, every associate, from CEO to hourly associates in local stores, is reminded daily that customers are why they are here. For example, Walmart does their best every day to provide the greatest possible level of services to everyone. Walmart serves customers by making them its first priority; Walmart supports its associates so they can best serve customers; Walmart gives to the local community in ways that connect to customers (Culture, n.d.). In addition, from Walmart’s earliest days as a small discount store, it has emphasized the importance of respect for every associate, every customer and every member of the community. For example, Walmart values and recognizes the contributions of every associate; Walmart owns what it does with a sense of urgency, and empower each other to do the same; Walmart communicates by listening to all associates and sharing ideas and information (Culture, n.d.). Moreover, the key to Walmart’s success is constantly looking for ways to improve itself and improve its business. Walmart strives to lead not just its industry, but also each other to the next level of success. For example, Walmart innovates by trying new ways of doing things and improving every day; Walmart models a positive example as it pursues high expectations; Walmart works as a team by helping each other and asking for help (Culture, n.d.). Walmart’s basic beliefs are built on a foundation of integrity – values of honesty, fairness and objectivity guide how Walmart apply these beliefs to the workplace. In other words, Walmart strives to be honest by telling the truth and keeping its word, be fair by using its business influence appropriately and creating an open environment for raising questions and concerns, and be objective by making decisions based on Walmart’s interests, rather than personal interests, and by avoiding even the appearance of impropriety (Culture, n.d.). 1.5 Customer Base Walmart customers give low prices as the most important reason for shopping there, reflecting the “Low prices, always” advertising slogan that Walmart used from 1961 until 2006. The average US Walmart customers’ income is below the national average. A Walmart financial report in 2006 also indicated that Walmart customers are sensitive to higher utility costs and gas prices (Walmart, n.d.). In 2006, Walmart took steps to expand its US customer base, announcing a modification in its US stores from a “one-size-fits-all” merchandising strategy to one designed to “reflect each of six demographic groups – African-Americans, the affluent, empty-nesters, Hispanics, suburbanites and rural residents.” Around six months later, it unveiled a new slogan: “Saving people money so they can live better lives”. This reflects the three main groups into which Walmart categorizes its 200 million customers: “brand aspirationals” (people with low income who are obsessed with names like KitchenAid), “price-sensitive affluents” (wealthier shoppers who love deals), and “value-price shoppers” (people who like low prices and cannot afford much more). Walmart has also made steps to appeal to more liberal customers (Walmart, n.d.). 2 HISTORY TIMELINE Walmart’s history is more than just the stores it has built, the partnerships it has made, and the customers it has served. So much of its history is in the details. See how Walmart began, how it grew and how its leadership has changed the retail industry (Walmart 2012 Annual Report, 2012). * 1960s – Retail Revolution. Sam Walton’s strategy was built on an unshakeable foundation: The Lowest Prices Anytime, Anywhere. * 1962: On July 2, Sam Walton opens his first Walmart in Rogers, Ark. * 1967: The Waltons now own 24 stores, ringing up $12.7 million in sales. * 1969: The company officially incorporates as Wal-Mart Stores, Inc. * 1970s – Walmart Goes National. In the 1970s, a decade of incredible growth, “Mr. Sam” began to take Walmart national, providing his vision’s widespread appeal. * 1970: Walmart becomes a publicly traded company on October 1. * 1971: The company’s first distribution center is opened in Bentonville, Ark. * 1972: Walmart is listed on the New York Stock Exchange (ticker: WMT). Now with 51 stores, Walmart records sales of $78 million. * 1975: Inspired by a visit to a Korean manufacturing facility, Sam Walton introduces the Walmart cheer. * 1976: David Glass joins the company as EVP of finance. * 1979: The Walmart Foundation is established. * 1980s – Decade of Firsts. In the 1980s, the first Sam’s Club opened, serving small businesses and individuals, and the first Walmart Supercenter opened, combining a supermarket with general merchandise. * 1980: Walmart reaches $1 billion in annual sales, faster than any other company at that time. * 1983: The first Sam’s Club opens in Midwest City, Okla. Walmart replaces cash registers with computerized point-of-sale systems, enabling fast and accurate checkout. * 1987: The company installs the largest private satellite communication system in the U.S., linking the company’s operations through voice, data and video communication. * 1988: The first supercenter opens, in Washington, Mo, combining general merchandise and a full-scale supermarket to provide a one-stop shopping convenience. David Glass is named CEO. * 1990s – American’s Top Retailer. By 1990s, Walmart was the nation’s number-one retailer. As the Walmart Supercenter redefined convenience and on-stop shopping, Every Day Low Prices went international. * 1991: Through a joint venture with Cifra, Walmart expands internationally, opening a Sam’s Club in Mexico City. * 1992: While receiving the Medal of Freedom, Sam Walton articulates the company mission of saving people money so they can live better, shortly before passing away at 74. Rob Walton becomes chairman of the board. * 1993: Walmart celebrates its first $1 billion sales week. * 1994: Walmart expands into Canada with the purchase of 122 Woolco stores. * 1996: Walmart its first stores in China. * 1999: Walmart enters the United Kingdom with the acquisition
of ASDA. * 2000s – New Millennium. Walmart entered the new millennium dedicated to offering customers a seamless shopping experience, whether they are online, in a store or on a mobile device. * 2000: H. Lee Scott, Jr. succeeds David Glass as CEO. * 2002: For the first time, Walmart tops the Fortune 500 ranking of America’s largest companies. Walmart enters the Japanese market through its investment in Seiyu. * 2005: Walmart takes a leading role in disaster relief, contributing $18 million and 2,450 truckloads of supplies to victims of hurricanes Katrina and Rita. Walmart intensifies its sustainability commitment, announcing goals to create zero waste, use only sustain- able energy and sell products that sustain the environment. * 2006: Walmart U.S. introduces its $4 generic drug prescription program. * 2009: Walmart enters Chile with the acquisition of a majority stake in D&S S.A. Mike Duke succeeds Lee Scott as CEO. For the first time, Walmart exceeds $400 billion in sales. * 2010: Walmart commits $2 billion to help end hunger in the United States and launches a global commitment to sustainable agriculture. Bharti Walmart, a joint venture, opens its first store in India. * 2011: With the acquisition of MassMart, Walmart surpasses 10,000 retail units around the world. * 2012: Walmart celebrates 50 years of helping customers save money and live better. 3 OPERATING SEGEMENTS Walmart’s operations are organized into three segments: Walmart Stores U.S., Sam’s Club, and Walmart International. The company does business in nine different retail formats: supercenters, food and drugs, general merchandise stores, bodegas (small markets), cash and carry stores, membership warehouse clubs, apparel stores, soft discount stores, and restaurants (Walmart, n.d.). 3.1 Walmart Stores U.S. Walmart Stores U.S. operations currently comprise 4,049 stores (Our Locations, n.d.). It consists of three retail formats that have become commonplace in the United States: Discount Stores, Supercenters, and Walmart Markets. The retail department stores sell a variety of mostly non-grocery products, though emphasis has now shifted towards supercenters, which include more grocery items. This division also includes Walmart’s online retailer, walmart.com (Walmart, n.d.). “Walmart U.S. achieved positive comparable store sales for fiscal 2012, having posted an increase in customer traffic for the fourth quarter. Net sales surpassed $264 billion, increasing 1.5 percent, while operating income grew to $20.4 billion, a 2.2 percent increase from the prior year” (Walmart 2012 Annual Report, 2012). The strategy for Walmart U.S. is offering a broad assortment with even lower prices. Firstly, customers appreciate the opportunity to rely on Walmart for a one-stop shopping experience, so Walmart added back more than 10,000 products across hundreds of merchandise categories during 2012. Walmart works with suppliers to be the first to offer new innovative products, and continue to fine-tune its offerings. Walmart offers the right mix of national brands, private brands, and opening price point products. Walmart also improved in-stock levels, so customers can count on Walmart more then ever. Secondly, Walmart reinvigorated its fundamental price promise: provide low prices day-in and day-out on the broadest assortment. Walmart’s price message, backed by the strongest ad match policy in the industry, ensures that Walmart is driving price separation with competitors. Fulfilling that brand promise inspires customer trust and loyalty (Walmart 2012 Annual Report, 2012). 3.2 Sam’s Club Sam’s Club operations currently comprise 620 stores (Our Locations, n.d.). Sam’s Club is a chain of warehouse clubs that sell groceries and general merchandise, often in large quantities. Sam’s Club stores are “membership” stores, and most customers buy annual memberships. However, non-members can make purchase either by buying a one-day membership or paying a surcharge based on the price of the purchase (Walmart, n.d.). “After two consecutive years of quality results, Sam’s Club has strong momentum that sets the stage for continued growth in the warehouse club segment. Fiscal 2012 net sales increased 8.8 percent to $53.8 billion, while operating income grew 9.0 percent to $1.9 billion” (Walmart 2012 Annual Report, 2012). Members are shopping more frequently, shopping more categories, and spending a greater share of their wallet with Sam’s Club. The strategy for Sam’s Club is leveraging member insights to deliver value and quality. Frist of all, Walmart connects with members by leveraging insights about how a Sam’s Club membership can meet and exceed their shopping needs and preferences. High-quality merchandise, price leadership on everyday needs and innovative member services continue to drive member engagement. In addition, Walmart delivers quality at a superior value that evidenced by the strong growth in key categories such as produce, fresh and frozen foods, and health and wellness. In an economic environment where more families forego a restaurant trip and eat at home, our assortment of fresh foods, including prepared home meals, provides a convenient solution. In entertainment, home, jewellery and apparel, Walmart provides favourite national brands at a great value. Clean, fast and friendly clubs are important to members. Moreover, Walmart helps members shop smarter through e-commerce and the latest technology. The Sam’s Club mobile app allows members to review and shop online and in-club inventory, build customized shopping lists, and renew their memberships (Walmart 2012 Annual Report, 2012). 3.3 Walmart International Walmart’s international operations currently comprise 6,222 stores in 26 countries outside the United States (Our Locations, n.d.). There are wholly operations in Argentina, Brazil, Canada, and the UK. With 2.2 million employees worldwide, the company is the largest private employer in the U.S. and Mexico, and one of the largest in Canada (Walmart, n.d.). “Walmart International is focused on a key objective – driving aggressive growth, while improving return on investment. Net sales, including currency and acquisitions, increased 15.2 percent to $125.9 billion for fiscal 2012. Operating income was $6.2 billion, increasing 10.8 percent from the prior year. In fiscal 2012, Walmart International opened a record 612 new stores through organic growth” (Walmart 2012 Annual Report, 2012). The strategy for Walmart International is meeting local needs and leveraging global resources. First of all, meeting local needs is central to Walmart’s growth. Walmart align its formats, assortment, and service from its associates with the fastest-growing customer demographics in each market. In high-growth markets, such as Brazil, China, and Mexico, Walmart pursues middle-income customers who look for quality and value. And in more mature markets, such as Canada and U.K., Walmart continues to find ways to expand its customer base. Furthermore, Walmart shares best practices across geographies in store operations, logistics, information technology and other areas. Working together where it makes Walmart better allows Walmart to save money, be faster to market and keeps Walmart’s associates keenly focused on serving customers. Leveraging Walmart’s global scale and expertise allows Walmart to deliver the merchandise customers want at the lowest price. 4 CORPORATE STRATEGY There is no doubt that Walmart is the best global retailer. However, the world moves more quickly each day. In front of change, in order to build on success and deliver value for customers and shareholders, Walmart must have successful strategies to continue to strengthen Walmart efforts. Five key strategies are central to Walmart’s future: 1) Developing our people; 2) Driving the productivity loop; 3) Winning in global ecommerce; 4) Reinvigorating our customer-focused culture; 5) Leading on social and environmental issues (Walmart 2012 Annual Report). 4.1 Developing People Nothing is more important to delivering on the mission than people. Walmart has the best talent in global retailing, both at the leadership level and deeper in the organization. Walmart is extremely focused on developing existing talent through programs like the Business Leadership Series, the Walton Institute and Merchant Development. Walmart is also recruiting exceptional new talent where Walmart needs it. In addition, one area that every leader and manager are asked to focus on is appreciating and listening to front-line associates (Walmart 2012 Annual Report). Walmart is contributing to making progress on diversity and inclusion, and especially with its global women’s strategy. Walmart is championing opportunities for women to advance in Walmart, and to develop women at all levels throughout the company (Women’s Economic Empowerment, n.d.). 4.2 Driving the Productivity Loop Delivering everyday low prices is premised on everyday low cost. There is no doubt that the productivity loop is back in Walmart’s DNA. The productivity loop is so essential. Walmart has leveraged operating expenses for two consecutive years. Walmart is operating for less, so it can sell for less, and drive increased sales. October 2011, Walmart committed to reducing operating expenses as a percentage of sales by at least 100 basis point over five years. To achieve that, Walmart is bringing even more discipline and focus to being as productive and efficient as possible. Just as important, Walmart is rekindling the spirit of innovation that Walmart has been known for throughout its history. Walmart wants to drive full global leverage throughout such areas as information systems, sourcing, business process and shared services (Walmart 2012 Annual Report, 2012). 4.3 Winning in Global Ecommerce E-commerce will become even more important to serving customers in the coming years. In the U.S. and the U.K., Walmart operates successful online businesses, and Brazil and Canada e-commerce businesses are growing rapidly. With a trusted brand operating more than 10,000 stores and serving 200 million customers weekly, Walmart has the assets to build on and deliver a multichannel experience in all of its markets. Walmart is investing in people and capabilities. In 2012, Walmart launched @WalmartLabs and acquired some strong talent in social and mobile media. In 2013, pending government approval, Walmart plans to increase its investment to 51 percent in Yihaodian, a fast-growing e-commerce website in China (Walmart 2012 Annual Report). 4.4 Reinvigorating Customer-Focused Culture The customer is number one in the Walmart culture, and Walmart is putting tremendous effort into understanding customers and serving them in new ways. Walmart’s Global Customer Insights group is developing world-class analytics to identify customer trends, and support merchandising and marketing decision-making within the business. At the same time, Walmart is emphasizing throughout its ranks the importance of getting even closer to its customers. One way Walmart is doing this is in-home visits. Walmart shares a responsibility to get closer to its customers by talking with them, listening to them, and understanding their needs. Walmart believes that gaining better insights into how customers shop will help Walmart lay the groundwork for the next generation Walmart stores. 4.5 Leading on Social and Environmental Issues Doing what is right is mandatory at all levels, and integrity is rooted in Walmart’s decisions and culture. Sam Walton understood the link between integrity and reputation. Walmart’s strength in doing what’s right and good for business is a competitive advantage. For example, Walmart’s new Global Women’s Economic Empowerment Initiative empowers women through job training, increased sourcing, philanthropic support, and education around the world (Women’s Economic Empowerment, n.d.). Walmart is increasing affordability of healthy foods, and making significant donations to food banks. Walmart’s sustainable agriculture program helps farmers earn more, and become better stewards of the environment. Walmart continues to reduce greenhouse gases in its supply chain (Environmental Sustainability, n.d.). In communities, associates spend countless hours serving as volunteers to many organizations. 5 ETHICS AND SOCIAL RESPONSIBILITY References Board of Directors. (n.d.). Walmart. Save money. Live better. Retrieved July 17, 2013, from http://corporate.walmart.com/our-story/leadership/board-of-directors Culture. (n.d.). Walmart. Save money. Live better. Retrieved July 17, 2013, from http://corporate.walmart.com/our-story/working-at-walmart/culture Environmental Sustainability. (n.d.). Walmart. Save money. Live better. Retrieved July 18, 2013, from http://corporate.walmart.com/global-responsibility/ environment-sustainability Our Locations (n.d.). Walmart. Save money. Live better. Retrieved July 17, 2013, from http://corporate.walmart.com/our-story/locations Walmart (n.d.). In Wikipedia. Retrieved July 16, 2013, from http://en.wikipedia.org/wiki/ Walmart#Competition Walmart 2012 Annual Report. (2012). 50 years of helping customers save money and live better. Retrieved July 17, 2013, from http://www.walmartstores.com/sites/annual-report/ 2012/default.aspx Women’s Economic Empowerment. (n.d.). Walmart. Save money. Live better. Retrieved July 18, 2013, from http://corporate.walmart.com/global-responsibility/womens- economic-empowerment *********************************************************************** Environmental Sustainability. (n.d.). Walmart. Save money. Live better. Retrieved July 18, 2013, from http://corporate.walmart.com/global-responsibility/environment-sustainability Our Locations (n.d.). Walmart. Save money. Live better. Retrieved July 17, 2013, from http://corporate.walmart.com/our-story/locations Walmart (n.d.). In Wikipedia. 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