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Walmart CEO Promises Multi-Channel Prowess At Annual Meeting

Fayetteville, Ark. – Walmart is
well-positioned to compete in a multichannel world of in-store, online and
mobile commerce, president/CEO Mike Duke told attendees at the company’s annual
meeting here this morning.

As per tradition, the event was held
at the University of Arkansas’ Bud Walton Arena and featured a mix of
management addresses and big-name entertainment.

The latter included actor Will Smith
who served as host, and performances by singer-songwriter Alicia Keyes and and hip-hop
group Black Eyed Peas, whose female vocalist Fergie thanked Walmart for being
one of the few retailers to still stock CDs.

The five-hour gathering also
included an address by Duke, who outlined five corporate priorities to win over
“the next generation customer” including growth; everyday low costs and prices;
winning in global e-commerce; developing a world-wide talent pool; and helping
people live better lives through such efforts as fighting hunger, making
healthier foods more affordable, and supporting sustainable agriculture.

Duke, who has come under fire for
Walmart’s middling financial performance and weak U.S. comp store sales, said the
next generation customer is “connected to the world through smartphones and
social media,” he said. “They’re in charge of when they shop and how they shop,
and they know who has the lowest prices … With our stores and low prices, we
can really take advantage of mobile technology and this era of price
transparency. We can combine our stores, our systems and our logistics
expertise into one continuous channel to drive growth and serve the next
generation customer around the world.”

Walmart also used the opportunity of
the shareholders meeting to debut its first mini Express Store, in rural
Gentry, Ark., and to announce renewed plans to repurchase upwards of $15
billion in Walmart shares. The buyback would further consolidate the founding
Walton family’s control over the company by giving them a greater than
50-percent ownership position.