Walmart Economic Forces
Introduction: Wal-Mart is sitting at number one on the Global Fortune 500 list. Sam Walton would never have thought that his creation of Wal-Mart in 1962 would lead to a global dynasty. By 1972 Wal-Mart went public which gave an infusion of money and capital for Mr. Walton that gave them 276 stores by 1980. In the mid 80's Wal-Mart expanded to having member only warehouse stores, Sam's Club. From there Wal-Mart opened supercenters that included full grocery and 36 departments of regular merchandise. By the end of the 1980's there were 1,402 stores and 123 Sam's Clubs (Wal-Mart corporate 2012).
Recent and Current Operations: Wal-Mart is one of the most successful retailers in the world (Wal-Mart corporate 2012). Currently, there are 10,020 regular stores and warehouse stores. There are 2.2 million associates employed worldwide. The Wal-Mart empire serves upwards of 176 million customers annually. Sam said, "… if you think about it from the point of view of the customer, you want everything: a wide assortment of quality merchandise; the lowest possible prices; guaranteed satisfaction; friendly, knowledgeable service; convenient hours; and a pleasant shopping experience. You love it when a store exceeds your expectations, and you hate it when a store inconveniences you, gives you a hard time, or pretends you're invisible."(Wal-Mart, 2012). This is exactly what Wal-Mart has proved to live, expand, and abide by.
Economic Forces: Wal-Mart is successfully surviving in the changes of economic distress that is affecting the United States as well as other countries around the world. They have been focusing on expansion in Canada and have chosen to progress in Argentina. With Argentina, it is working with producers of fruits and vegetables to best practices, thus Argentina would be exporting to Wal-Mart worldwide. In Canada, Wal-Mart is planning on completing 73 projects which adds 4.6 million square feet of retail space (Wal-Mart, 2012). When it
Recent and Current Operations: Wal-Mart is one of the most successful retailers in the world (Wal-Mart corporate 2012). Currently, there are 10,020 regular stores and warehouse stores. There are 2.2 million associates employed worldwide. The Wal-Mart empire serves upwards of 176 million customers annually. Sam said, "… if you think about it from the point of view of the customer, you want everything: a wide assortment of quality merchandise; the lowest possible prices; guaranteed satisfaction; friendly, knowledgeable service; convenient hours; and a pleasant shopping experience. You love it when a store exceeds your expectations, and you hate it when a store inconveniences you, gives you a hard time, or pretends you're invisible."(Wal-Mart, 2012). This is exactly what Wal-Mart has proved to live, expand, and abide by.
Economic Forces: Wal-Mart is successfully surviving in the changes of economic distress that is affecting the United States as well as other countries around the world. They have been focusing on expansion in Canada and have chosen to progress in Argentina. With Argentina, it is working with producers of fruits and vegetables to best practices, thus Argentina would be exporting to Wal-Mart worldwide. In Canada, Wal-Mart is planning on completing 73 projects which adds 4.6 million square feet of retail space (Wal-Mart, 2012). When it
References: McConnell, C. R., Brue, S. L., & Flynn, S. M. (2009). Economics (18th ed.). New York, NY: McGraw-Hill/Irwin. Suttle, R. (2012). What drives companies to a higher level of social responsibility in marketing?. Retrieved February 20, 2012 from http://smallbusiness.chron.com/drives-companies-higher-level-social-responsibility-marketing-33290.html Political forces Wal-Mart corporate. (2012). Retrieved February 17, 2012 from http://walmartstores.com/AboutUs/297.aspx -----------------------