Walmart Focused On Expanding 'Strong Ties' With Local Businesses - PYMNTS.com

In a bid to monetize its assets and deep roots with the 5,000 U.S. communities where it has stores, Walmart CEO Doug McMillon said the company was doubling down in its strategy and aiming to leverage its local ties.

"Our strategy is clear. It’s to build strong local businesses that share common flywheel characteristics, powered by Walmart with ideas, resources, talent and technology," McMillon wrote in his annual letter to shareholders Thurs (Apr 21), noting that each market is positioned to deliver long-term, sustainable growth.

“Our teams in each market know their customers well, and they partner on common areas to drive progress even faster," the 55-year CEO added. "We’re expanding the ecosystem that supports them as we grow capabilities in areas like advertising, payments and other financial services and healthcare.”

McMillon’s comments come as the retail giant announced that it plans to host its annual shareholders’ meeting virtually on June 1, a bit more than two weeks after it reports its quarterly earnings on May 17.

The company released its annual report Thursday (April 21) and filed its proxy statement ahead of that online-only review of its performance with shareholders, highlighting its financial strength and projecting ongoing success through investments in digital enhancements, new revenue streams and community support.

“Around the world, we’re still working through the various pandemic-related issues as well as the economic and employment environments in each country where we operate,” McMillon said in his letter. “Despite the challenges of the moment and those that lie ahead, the emotions I feel are those of gratitude and optimism.”

Walmart shareholders will vote on 11 director nominees, two company proposals and seven shareholder proposals.

Amazon will reveal its quarterly earnings Thursday (April 27).

Earlier this week, PYMNTS reported that Amazon dethroned Walmart as the biggest winner of retail spend in the U.S. in 2021, with 9.4% of consumers’ total retail spend going to Amazon compared to 8.6% to Walmart, according to “Amazon Versus Walmart Q4 2021,” a PYMNTS report.

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