1 Wal-Mart Stores, Inc.

Wal-Mart Stores, Inc. Lilian Chiari, Stacie Hebert, Daniel Primavera, Rachel DeWitte, Mark Becker, Yang Wang, Hyunwoo Jung, and Mohammed Mamdani University of Texas at Dallas IMS 3310.005 November 1, 2012

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Executive Summary Wal-Mart Stores, Inc., also known by the brand name Walmart, is a global retailer based in the United States. The company is financially powerful with a net income of $15.8 billion for its 2012 fiscal year with a strategic management focus on being an overall low-cost leader in multiple markets (Wal-Mart, 2012h). Walmart has the potential to develop even more internationally, as it has succeeded in gaining market shares in emerging economies such as China and Brazil (Wal-Mart, 2012b). The company is trying to make the most of its opportunities abroad and using its strengths to bolster sales and expand its customer base, but the company also faces internal factors that have already and are continuously affecting the firms reputation domestically and ability to penetrate markets outside the U.S. The ethical conflicts within Walmarts corporate culture are contradicted with the companys newer strives for social responsibility within the environment and communities where their stores are located. It is imperative for Walmart to resolve the ethical dilemmas of their employee practices and raise their reputation to maintain at the top of retailers within the U.S., as more consumers are focusing on company ethics and behaviors. Walmart must also learn to adapt their corporate social policies abroad to capture consumer markets with different cultures than what the company is successful with in the U.S. With recommendations of increasing employee wellbeing and globalizing with more cultural awareness, Walmart will continue to succeed as one of the top ten of Fortune 500 companies in the world (CNN Money, 2012). Overview Walmart was founded by Sam Walton in 1962 (Wal-Mart, 2012a). After 50 years of business, Walmart is now the second world company with a revenue of 450 billion dollars and a profit of 16 billion dollars in the last financial year (CNN Money, 2012). The Save Money. Live

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Better slogan is famous over Northern America and is starting to spread worldwide in countries such as the United Kingdom, North Korea and China (Wal-Mart, 2012a). In the era of globalization and consumption, Walmart grows bigger every year despite taking a hit to their overall revenue in 2011 due to the economic crisis (CNN Money, 2012). To study how this company is succeeding during the ever changing climate of consumer spending, it is important to look at how Walmart began and how they are doing financially. History The beginnings of Walmart started initially in 1945 when Walton purchased his first Ben Franklin store in Newport, Arkansas (Wal-Mart, 2012d). Being too successful, Waltons landlord ended his lease to take back the store. Confident in the future and in his experience, he opened the first Waltons 5-10 store in Bentonville, Arkansas (Wal-Mart, 2012d). Thanks to his success, Walton ended the year 1962 with about 10 stores (Wal-Mart, 2012d). It is in during this same year that, at the age of 44, he opened the first Walmart (Wal-Mart, 2012d). After a true achievement with this new name, Walton opened other stores under this same name which is today a well-known brand (Wal-Mart, 2012d). Walton opened the first Sams Club in 1983, which introduced the first wholesaling store of the Walmart firm (Wal-Mart, 2012d). By the time of his death in 1992, Sam Walton was considered as the wealthiest man by the magazine Forbes, and that if he was still alive, he would have a fortune of $100 billion dollars (Dukcevich, 2004). However, saving money to live better continued, and Walmart is now considered as the second richest company is the world behind Exxon Mobil Corporation (CNN Money, 2012). It is positioned as the number one retailer company in the United States (CNN, Money 2012).

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Financial Standing Walmarts rich history and financial strategies have enabled them to be one of the three largest retailers in the world (CNN Money, 2012). Last year, Walmarts sales increased by 5.9 percent to $443.9 billion, and their operating income grew by 4 percent to $26.6 billion (Wal-Mart, 2012h). They were able to improve their financial performance by meeting customers needs and operating more efficiently. In 2012, Walmart opened 612 new stores (Wal-Mart, 2012h).The conglomerate attributes their growth to their Everyday Low Cost/Everyday Low Price business model that resonates with customers worldwide (Wal-Mart, 2012h). Their financial priorities are growth, leverage, and returns (Wal-Mart, 2012h). They experienced growth in all three of these categories in 2012 (Wal-Mart, 2012h). They have the highest AA credit rating in the retail industry, which is due to their strong cash flows and strong financial management (Wal-Mart, 2012h). Walmart also places an emphasis on shareholder returns, as they have returned around $61 billion to their shareholders over the last five years (Wal-Mart , 2012h).

(Drumelis, 2012)

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SWOT Analysis Strengths Walmarts strengths are its dedication to consumers needs, commitment to low prices, wide selection of products, and global expansion of its stores. Walmart has spent a lot of time and effort in developing a loyal consumer base. Their low prices and good customer service have garnered them the respect from customers worldwide. They are able to keep their prices low due to their company size and ability to get huge discounts from suppliers (Thakur, 2010). Walmart has a popular brand name, and customers recognize them for their efforts to save people money with their product pricing. Walmart also offers its customers the convenience of one-stop shopping. They have an extensive range of products such as clothes, appliances, electronics, home utilities, groceries, and generic goods. Walmart has also expanded globally and been successful in maintaining their financial success in foreign markets. In total, Walmart has more than 10,000 retail stores in 27 countries (Wal-Mart, 2012b). They also employ 2.2 million associates worldwide and are the worlds third largest corporation (Wal-Mart, 2012b). Weaknesses Despite its financial success worldwide, Walmart has its fair share of weaknesses. Over the past few years, Walmart has been taking heat for its treatment of its employees (Thakur, 2010). They have also sold Chinese products that have hurt its reputation with several legal cases concerning health and safety (Thakur, 2010). Their large inventory due to buying in large quantities leads to unreliable product availability (Broughton, 2009). They wait to order products until they have large quantities to order (Broughton, 2009). Also, Walmart employees have complained about lack of benefits mainly due to Walmart keeping most employees part time (Broughton, 2009).

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Opportunities Walmart has a lot of potential to improve their reputation in the future with customers. They need to start promoting positive ideals of their company and improve their treatment of employees. They have the opportunity to further expand globally, as they are only positioned currently in 27 countries (Wal-Mart, 2012b). There is a lot of opportunity for the company to become the number one worldwide corporation. Threats One of the biggest threats to Walmart is the trade war between the U.S. and China (Broughton, 2009). If things do not go well politically, Walmart could be faced with higher prices and more tariff charges for their imports. In addition, there have been talks amongst Walmart employees of unionizing (Broughton, 2009). Unionization would drive costs up for Walmart, as they would be paying more in wages and possible benefits to their employees (Broughton, 2009). Walmart is also experiencing increasing competition from competitors such as Costco and Target (Broughton, 2009). Firm Strategy Many know Walmart's slogan Everyday Low Prices (Wal-Mart, 2012a). This slogan defines their strategy and commitment to Price Leadership, offering the lowest prices to the largest market. Walmart has five key strategies that it adheres to sustain its market leadership. Those strategies are developing people, driving the productivity loop, winning in global ecommerce, reinvigorating customer-focused culture, and leading on social and environmental issues (Wal-Mart, 2012h). The two key strategies to understanding how and why Walmart prevails in market leadership are driving the productivity loop and driving their customer focused culture (Wal-Mart, 2012h).

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Driving the Productivity Loop Walmart is the largest retail company in the world, and their focus on their supply chain is a major reason why they are in the position they hold today (Burrows, 2010). Their investment in their unique distribution infrastructure, which runs twenty-four hours a day, seven days a week, enables the company to incur lower costs due to the their high operational efficiency and economies of scale (Hughes, 2010). Also, the entity makes it a point to build new locations within a minimum of a one-day drive to the nearest distribution center (Hughes, 2010). With high store density in areas, the company saves in distribution costs. Walmart also maintains their own fleet of trucks to insure timely delivery of products (Hughes, 200). The supply chain management system that Walmart uses is called Retail Link (Hughes, 2010). Retail Link provides suppliers with sales trend information which enables them to respond quickly and efficiently (Hughes, 2010). Using this real-time information, managers are able to make decisions to respond in real-time about what products are in demand and which are not. When merchandise is in high demand, it can be reordered effectively when needed which in turn increases inventory turnover. On average, they sell 60% of their products before they are even paid for (Hughes, 2010). This high inventory turnover essentially makes inventory costs zero, and produces an extremely high profit per foot of shelf space (Hughes, 2010). To further increase cost efficiency, they have proposed taking over the supply chain management of some of their largest suppliers (Hughes, 2010). In the spirit of keeping prices low, Walmart also is pushing towards sourcing its inventory directly from suppliers and manufactures thus eliminating markups from distributors (Hughes, 2010). Customer Focused Culture Walmart prides itself on excellent customer service and on providing quality products at

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fair prices. Dating back to 1962 when Sam Walton started Walmart, the companys focus has been to reflect the vision of the community and their customers to provide satisfaction guaranteed (Wal-Mart, 2012h). Customers are the reason we are in business, he said (WalMart, 2012d). Walmart culture was built and is driven to provide customers with a broad assortment of merchandise at great prices to save people money so they can live better (WalMart, 2012a). In efforts to better understand their customers and satisfy them in new ways, Walmart is developing world-class analytics to identify customer trends and support merchandising and marketing decision-making within the business (Wal-Mart, 2012h). The company aims to train each employee to be ready and willing to offer help to any customer in need (Wal-Mart, 2012h). From being greeted as one walks into the door, the assistance offered on the sales floor, and the friendly conversation with the cashier, Walmart wants to ensure a quality customer service experience. Foreign Operations Operating in twenty-seven countries with about 5651 stores globally, foreign operations have grown from 26% of Walmarts total sales in 2010 to now approximately 40% (Hughes, 2010). Walmart Internationals delivery of such strong sales makes it the companys primary growth engine (Trefis, 2012). The majority of its recent growth has derived from developing markets like Mexico, Brazil and China (Wal-Mart, 2012h). Also, Walmart has recently made acquisitions in the U.K. and South Africa (Wal-Mart, 2012h). Even though Walmart has been in China for over a decade, they have yet to connect with the consumers (Trefis, 2012). Walmart hopes to improve returns through increased profitability especially in Brazil and China (WalMart, 2012h).

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Corporate Social Responsibility As an international powerhouse, Walmart strives to help its customers to improve their lives and also take responsibility for sustainable societies worldwide. Walmart believes that their customers efforts for engaging in social responsibility will be able to generate an opportunity to improve the companys strengths and reduce weaknesses in the public eye (Wal-Mart, 2012g). By solving issues, such as eliminating greenhouse gases, reducing environmental impacts, providing opportunities for women, and fighting against global hunger, Walmart will gain further customer commitment and loyalty for future generations, as the company continues to expand globally (Wal-Mart, 2012g). Improving Supply Chain and Transparency Overall, Walmart has taken a greater role in improving the companys social corporate responsibility through environmental, business, and consumer integration and engagements (Wal-Mart, 2012g). The company has partnered with The Sustainability Consortium to produce greater sustainability for the company through its selection of products, supply chain management, and customer confidence (Wal-Mart, 2012g). The entity has taken measures to study the life cycles of its products to reduce its use of natural resources which lead to being able to evaluate its supply chain and find more ways to reduce its plastic use, improve quality, and create efficiency (Wal-Mart, 2012g). Walmart has also created a system of scorecards to evaluate suppliers efficiencies versus the life cycles of their products for six categories of products (WalMart, 2012g). Through this process, Walmart will continue to develop scorecards for a hundred categories of various products by the end of 2012 to provide greater transparency and information on the products being sold in their stores (Wal-Mart, 2012g).

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Sustainable Agriculture Practices Walmart has also improved the lives of rural farmers to improve overall sustainable agriculture practices for the future. Food shortage in near decades is an issue that is gaining much awareness due to the Earth having an estimated population of more than 9 billion people by 2050 (Wal-Mart, 2012f). Walmarts reaction to this possible upcoming epidemic is to purchase more food from small and medium sized farmers worldwide, reduce food waste, and source agricultural products economically (Wal-Mart, 2012f). With the increased population, food production will need to increase by 70%. As a company, Walmart is using its resources to commit to aiding this need. Walmart has pledged to sell at least one billion dollars of food that is sourced from one million small and medium scale farms and increase the incomes of the workers on those farms by 10% to 15% (Wal-Mart, 2012f). Walmart has opted to double locally sourced produce sales and procure more U.S. crops through its Heritage Agriculture program that focuses on American produce (Wal-Mart, 2012f). Fighting Against Hunger Wal-Marts commitment for a sustainable society is to fight against hunger. The company is taking responsibility to help millions of people suffering from hunger every day through its sheer size and resources. Wal-Mart launched a program named Fighting Hunger Together to help fight hunger in America through community food banks and programs (McKenna, 2010). The strategy includes donating more than one billion pounds of food from stores, distribution centers, and Sams Club locations (McKenna, 2010). Grants of $250 million will be donated to a mixture of food banks and associates at national, state, and local levels (McKenna, 2010). Already, WalMart has provided 584 million pounds of food and $122 million in grants (Wal-Mart, 2012g).

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Reducing Environmental Footprints Wal-Mart is also taking responsibility for a healthier environment. It has awarded one million dollars for quality training in order to ensure their food delivery system is ensuring healthy and safe products for consumers (Walmart Reduces, 2012). Through the increase efficiencies of their supply chain, Wal-Mart has enacted a Zero Waste Program which recycles, donates, and repurposes waste in the United States (Walmart Reduces, 2012). In 2011, only 19.1% of the generated waste from operations went to landfills (Walmart Reduces, 2012). Internationally, Wal-Mart cuts their waste by diverting 52% of operational waste from China and Brazil landfills and actually sends no food waste to landfills in the U.K.(Walmart Reduces, 2012). By 2025, U.S. landfills wont be seeing any Wal-Mart waste whatsoever (Wal-Mart, 2012j). Renewable energy is also a key factor for Wal-Mart, as the company is ranked the second-largest on-site green power generator in the U.S. (Walmart Reduces, 2012). Solar power, fuel cells, micro-wind, and off-site wind are part of 180 renewable energy projects the company has underway (Walmart Reduces, 2012). By reducing fuel consumption, electricity use, reduction of packaging, and recycling and renewing waste, Wal-Mart has taken the efforts to become more environmentally sound. Empowering Women Economically Out of the one billion people living in poverty, 70% of them are women (Wal-Mart, 2012i). To reduce the poverty and help raise women living conditions, Wal-Mart has pledged to increase Womens Economic Empowerment (Wal-Mart, 2012i). Women make up 57% of U.S. Walmart workers (Wal-Mart, 2012c). By 2016, the company has expected to source $20 billion dollars from women-owned businesses in the U.S. and double sources from women suppliers internationally (Wal-Mart, 2012i). The company will improve training for women on farms

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internationally and the U.S. through non-governmental organizations and by increasing market access and career opportunities (Wal-Mart, 2012i). Wal-Mart will increase gender diversity among major suppliers and make charitable giving to womens efforts its largest area of focus (Wal-Mart, 2012). Cultural and Ethics Walmart has always faced criticism and fought off a barrage of lawsuits with regard to employee wages, poor working conditions, lack of employee health insurance, and most importantly its opposition to labor unionization (Dicker, 94). All of these critiques can result in higher costs and thus higher prices for Walmart in the future. Employee Wages and Working Conditions Walmart is notorious for minimum wage and overtime violation allegations and has been plagued with bad press continuously (Wal-Mart Sued, 2012). With a class action lawsuite as recent as October 22, 2012, Walmart is often on the hot seat for unpaid wages both standard and overtime (Wal-Mart Sued, 2012). This is not the first time this type of issue has come up. In the past, Walmart has been found guilty of reducing and/or modifying employee hours to minimize overtime and did not allow lunches and breaks for part time employees (Dicker, 81). The company has also locked in overnight crews to maximize time on the clock (Dicker, 82). In addition to the ruthless control over wages and overtime, Walmart has always been accused of poor working condition for both domestic employees and employees of their suppliers (Dicker, 81). In recent years, this has become a focal point of controversy, and Walmart is now partnering with their suppliers to improve working conditions (Wal-Mart, 2012g). To do this, they have now instituted a policy in which 100% of their factories will now

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take part in a companywide audit and will institute new processes and policies to improve conditions (Wal-Mart, 2012e). Employee Healthcare and Unions As of right now, Walmart has a stringent healthcare policy for its employees (Dicker, 84). Full time employees are eligible after six months of uninterruptable employment while part time employees can register in the program after two years (Dicker, 84). Even though employees are eligible for benefits, the premiums and deductibles are still high which results in the lack of participation from part-time employees (Dicker, 84). The silver lining, however, is that Walmart pays 100% of costs above $1,750 with no lifetime caps (Dicker, 84). Finally, Walmarts most troubling ethical issue touches upon their opposition to unions (Dicker, 94). Their founder did not envision unions, and this was his key to continually offering lowest prices possible (Dicker, 94). To Walmart, unions will only increase costs and prices for the customer (Dicker, 94). Walmart continually offers workshops with videos for their managers and distributes pamphlets on how to reduce a union campaign (Dicker, 94). Somehow, Walmart continues to stay within their legal jurisdiction on how to prevent unionization. They prevent them on store grounds and are shadowed by security when shopping (Dicker, 94). Walmart continually uses fear and intimidation of workers to prevent union campaigns from even beginning, and managers can even call a 24 Hour Union Hotline for assistance (Dicker, 94). In addition, all managers are clearly trained on what to say and what not to say when confronting employees that are considering discussing union practices with other employees (Dicker, 94). Cultural Insensitivity Walmart is known to be worldwide corporation in globalized nations, but it has faced many dilemmas when entering foreign markets due to cultural differences. One example of

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Walmarts lack of integrity to thoroughly adapt and appeal to local culture was in Germany. The companys initial entry to the German market started in December 1997, and it gained twentyone stores through acquisition of the already well-established WertKauf chain for $1.04 billion (Case Study, n.d.). However, a needed turnover of $10 billion and an idling market share caused Walmart to drown in the German market (Schultz, 2006) Due to their lack of cultural appeal, the company had to lay off 1,000 employees, sell 85 German stores to the rival supermarket chain, and book a pre-tax loss of $1 billion dollar on the failed venture (Cast Study, n.d.). The relevance of local culture was ignored by Walmart through their management and operations (Case Study, n.d.). First and fore mostly, management failed to account for the difference in consumer behavior and spending of Germany versus U.S. consumers (Case Study, n.d.) Their lack of sensitivity and understanding language barriers, merchandising, organizational behavior, and employment practices consistently damaged Walmarts reputation and bottom line in Germany ("Case Study, 2012). The corporate culture imposed on the German consumers and employees was even quoted as bizarre (Shultz, 2006). Most of the German customers are independent shoppers which indicates that they do not like friendly store assistance, but they like to see advertised discount product up front to easily shop in and out (Foley & Mesure, 2006). Walmart neglected to adapt their shelf displays leaving discounted items on the tops and bottoms of shelves with premium products in the middle that disgruntled the German consumers (Schultz, 2006). German consumers were turned off by smiling greeters and having their groceries bagged (Schultz, 2006). Because Walmart neglected to take into account the simple differences that could have incited customers to their stores instead of

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repelling them, they failed to acquire the needed space, sales, and appeal to the German market due to their cultural insensitivity. Recommendations Walmart has the size, revenue, and momentum to continue growing internationally, as they are only in 27 countries and have 5,873 stores internationally (Wal-Mart, 2012b). However, the company needs to expand not only globally but more intelligently. The company must adapt more to local cultures, hire or train employees that can speak multiple languages, follow customs, and adapt their store environments to the tastes and styles similar to competitors in foreign markets. As seen in Germany, the brand name Walmart will have to be established for each market independently because the company cannot just apply U.S. consumer tastes to markets that are not American. With a more conscious approach when entering foreign markets, Walmart can and should continue to grow in new territories. Walmart must also increase their firms perception internationally and domestically by taking more ethical decisions regarding how they treat their employees. Although the company is seemingly taking more corporate social responsibility with policies geared towards improving the environment, womens opportunities, and eliminating waste, the company still maintains issues with the management and treatment of their actual employees in the stores (Dicker, 94). Walmart needs to increase the integrity of its brand and firm reputation. They should improve the welfare of employees by paying decent wages, giving more benefits to part-time workers, and eliminating employment uncertainty. By increasing the working conditions of its employees and continuing to progress its corporate policies, the company should gain a boost in its reputation abroad and at home which will raise the number of its customers.

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References Broughton, Robert. (2009, September 15). SWOT Analysis of Wal Mart. Quality Assurance Solutions. Retrieved from http://www.quality-assurance-solutions.com/swot-analysis-ofwal-mart.html Burrows, D. (2010, October 13). Planet Walmart: Five Big Facts About the Worlds Largest Company. DailyFinance. Retrieved from http://www.dailyfinance.com/2010/10/13/ planet-walmart-five-big-facts-about-the-worlds-largest-company/ Case Study: Wal-Marts failure in Germany. (n.d.) MBA Knowledge Base. Retrieved from http://www.mbaknol.com/management-case-studies/case-study-wal-mart%E2%80%99sfailure-in-germany/ CNN Money. (2012). Fortune 500: 2. Wal-Mart Stores, Inc. Forbes Magazine. Retrieved from http://money.cnn.com/magazines/fortune/fortune500/2012/snapshots/2255.html Dicker, J. (2005, June 16). The United States of Wal-Mart. New York, NY: Penguin Group. Drumelis, Vytautas. (2012, August 13). Earnings Preview: Wal-Mart. Seeking Alpha. Retrieved from http://seekingalpha.com/article/804351-earnings-preview-wal-mart Dukcevish, D. (2004, March 15). Most Influential Businessmen: Sam Walton. Forbes Magazine. Retrieved from http://www.forbes.com/fdc/welcome_mjx.shtml Foley, S. & Mesure, S. (2006, July 29). Mighty Wal-Mart admits defeat in Germany. The Independent. Retrieved from http://www.independent.co.uk/news/business/news/mightywalmart-admits-defeat-in-germany-409706.html Hughes, P. (2010, November). Wal-Mart. Check Capital Management. Retrieved from http://www.checkcapital.com/Research_Reports/Wal-Mart_1110.pdf

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References McKenna, M. (2010. Walmarts hunger relief efforts help those in needs. Profiles in Diversity Journal, 12(4), 73-73. Schultz, H. (2006, September). This Is Not America. Why Wal-Mart left Germany. The Atlantic Times. Retrieved from http://www.atlantic-times.com/archive_detail.php?recordID=615 Thakur, Sidharth. (2010, December 21). SWOT Analysis of Wal-Mart. Bright Hub PM. Retrieved from http://www.brighthubpm.com/methods-strategies/100173-example-of-aswot-analysis/ Trefis Team. (2012, June 27). Wal-Marts International Operations Drive $71 Value. Trefis. Retrieved from http://www.trefis.com/stock/wmt/articles/128801/walmart-international-operations-drive-71-value/2012-06-27 Wal-Mart Stores, Inc. (2012) History Timeline. Retrieved from http://corporate.walmart.com/our-story/heritage/history-timeline Wal-Mart Stores, Inc. (2012) Our Locations. Retrieved from http://corporate.walmart.com/ourstory/locations Wal-Mart Stores, Inc. (2012) Our People. Retrieved from http://corporate.walmart.com/globalresponsibility/diversity-inclusion/our-people Wal-Mart Stores, Inc. (2012) Sam Walton. Retrieved from http://corporate.walmart.com/ourstory/heritage/sam-walton Wal-Mart Stores, Inc. (2012) Statement of Ethics. Retrieved from http://ethics.walmartstores.com/StatementOfEthics/Introduction.aspx

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References Wal-Mart Stores, Inc. (2012) Sustainable Agriculture. Retrieved from http://corporate.walmart.com/global-responsibility/environmentsustainability/sustainable-agriculture Wal-Mart Stores, Inc. (2012) Sustainability Index. Retrieved from http://corporate.walmart.com/global-responsibility/environmentsustainability/sustainable-agriculture Wal-Mart Stores, Inc. (2012). Walmart 2012 Annual Report. Bentonville, AR: Wal-Mart Stores, Inc. Retrieved from http://www.walmartstores.com/sites/annualreport/2012/WalMart_AR.pdf Wal-Mart Stores, Inc. (2012) Womens Economic Empowerment. Retrieved from http://corporate.walmart.com/global-responsibility/womens-economic-empowerment Wal-Mart Stores, Inc. (2012). Zero Waste. Retrieved from http://corporate.walmart.com/globalresponsibility/environment-sustainability/zero-waste Wal-Mart Sued for Wage Discrimination, Overtime Violations. (2012, October 22). Scribd: FindLaw. Retrieved from http://www.scribd.com/doc/110914504/Wal-Mart-Sued-forWage-Discrimination-Overtime-Violations Walmart reduces its impact on environment. (2012). MMR, 29(9), 90-90.