Walmart, Inc.

SWOT ANALYSIS

Kreston Thomas Banner ID: 830038724 November 30, 2010

Fayetteville State University MKTG 311- 46 1 Fall 2010 HoEun Chung

Table of Contents
Introduction ......................................................................................................................................2 Situational Analysis...........................................................................................................................4 Internal Analysis ...............................................................................................................................4 Company image ........................................................................................................................................ 4 Organizational structure ............................................................................................................................ 5 Key staff .................................................................................................................................................... 5 Environmental Goals ................................................................................................................................. 6 Operational efficiency ............................................................................................................................... 6 Operational capacity.................................................................................................................................. 6 Brand awareness........................................................................................................................................ 7 Market share.............................................................................................................................................. 8 Exclusive contracts ................................................................................................................................... 9 Patents and trade secrets.......................................................................................................................... 10 External Analysis .................................................................................................................................1O Customers ............................................................................................................................................... 10 Competitors ............................................................................................................................................. 10 Market Trends ......................................................................................................................................... 11 Social Changes ........................................................................................................................................ 11 New technology ...................................................................................................................................... 12 SWOT ANALYSIS ......................................................................................................................... 12 Current Issues and Problems ................................................................................................................... 13 Recommendations ................................................................................................................................... 14 References....................................................................................................................................... 17

Introduction

Wal-Mart Stores Inc began operations in 1962 as a local discount store in Rogers, Arkansas. It is founded by Sam Walton who successfully ran a retail store called "Walton's Five and Dime", an extension of a franchise store called Ben Franklin. After five years, Mr. Walton completed 24 stores across Arkansas with annual sales of $12.6 million. In 1968, Wal-mart expanded outside the state to Missouri and Oklahoma. In October 31, 1969, Wal-Mart was incorporated as WalMart Stores, Inc.(walmartstores.com, 2010) The next year, the retailer consisted of 38 stores with 1,500 employees with sales totaling $44.2 million. Wal-mart became public trading company on NYSE with a stock split the following year at $47 per share. By 1975, sales totaled $340.3 million and growing rapidly. The store celebrated its 25th anniversary in the 1980's, highlighting its sales of $15.9 billion and 200,000 employees. Wal-Mart invested $24 million for new technology of a satellite network to track inventory and sales to its corporate office in Bentonville, Arkansas. This gave a great competitive edge as they developed its first superstore which opened in Washington, Missouri. By late 1990s, the store expanded operations to overseas as well as surpassed domestic competitors such as Toys R Us in toy sales. In the UK, Wal-mart purchased ASDA retailer for $10 billion. In 2000, Wal-mart sales grew to $165 billion. Two years later, it was listed as America's largest corporation by the Fortune 500 list. In 2010, Wal-mart has expanded greatly across the globe and continues to lead retailers as a price leader and innovative retailer. It has over 4,112 stores and more than 680, associates in 14 countries outside America. Wal-mart earned $408 billion in revenue in FY2010 which is an increase of 1% of the previous year. Its total stores worldwide are 8,416. (Walmartstores.com, 2010)

The mission statement for Wal-mart is a simple statement to focus on consumer needs. "We save people money so they can live better" Sam Walton is quoted in saying,

"If we work together, we'll lower the cost of living for everyone.we'll give the world an opportunity to see what it's like to save and have a better life."

Today, Wal-mart is the world's largest retailer and grocery chain company by sales with 50% more than its 5 closest competitors, such as Target and Sears.

Situational Analysis
Internal Analysis Wal-mart's company culture includes a list of values and beliefs it establishes through its management and employee relations. This culture includes an Open Door Policy in which management believes open communication critical to understanding and meeting our associates' and our customers' needs. Associates can trust and rely on the open door; it's one of the most important parts of our culture. Sundown Rule is a rule that management attempts to answer request by the close of business. Grass Roots Process is a belief that associates' ideas, suggestions and concerns matter. The 10-foot Rule is a customer service tactic that greets and engages customers that are within 10 feet distance. Servant Leadership is a policy Wal-mart uses to listen to their partners and associates in an attempt to create morale and teamwork. Teamwork is a big part of their store culture as Sam Walton believes in the power of teamwork to help grow at the pace of modern life. Wal-mart Cheer is incorporated by all associates by shouting enthusiastically inside the store to show pride in the company. Lastly, Wal-mart reads associates' stories to carry out their beliefs and values as well. Company image Wal-mart aims to help customers save money to improve their purchasing power to live better.

The company's marketing efforts are to establish awareness that they are the price leaders in their market. In recent times, the company has focus on becoming involved more in local communities by charity and service. Organizational structure Wal-mart was incorporated in 1969 and is now globally present in 15 countries. Key staff Wal-mart consist of leaders of multiple industries and a board of Sam Walton's family members. The following executives help operate the success of the company: (Walmart.com, 2010)

Aida M. Alvarez Former Administrator of the U.S. Small Business Administration and member of President Bill Clinton's Cabinet in 1997 to 2001 Director of the Office of Federal Housing Enterprise Oversight, the financial regulator of Fannie Mae and Freddie Mac, from 1993 to 1997 A director for UnionBanCal Corporation A member of the diversity advisory board for Deloitte & Touche LLP Aida joined the board in 2006 James W. Breyer The Managing Partner of Accel Partners A director of RealNetworks, Inc., Marvel Entertainment, Inc., and several private companies Jim joined the Board in 2001 M. Michele Burns Chairman and CEO of Mercer Human Resource Consulting, a subsidiary of Marsh and McLennan Companies, Inc. A director for Cisco Systems, Inc. Michele joined the Board in 2003 James I. Cash, Jr. Retired James E. Robison Professor of Business Administration at Harvard Business School Former Senior Associate Dean and Chairman of HBS Publishing A director of The Chubb Corporation, General Electric Company and other private companies, and former director of Microsoft Corporation. James joined the board in 2006 Roger C. Corbett Retired CEO and Group Managing Director of

Gregory B. Penner General partner at Madrone Capital Partners, an investment management firm From 2002 to 2005, he served as Wal-mart's Senior Vice President and Chief Financial Officer - Japan Former financial analyst for Goldman Sachs A member of the board of directors of Baidu.com, Inc. Board of directors of 99Bill Corporation A member of the board of directors of Cuill A member of the board of directors of Global Hyatt Corp. Greg joined the Board in 2008 Steven S Reinemund Dean of Business and Professor of Leadership and Strategy at Wake Forest University Retired Chairman and CEO of PepsiCo, Inc. A director of Exxon Mobil Corporation, American Express Company, and Marriott International, Inc. Steve joined the Board in 2010 H. Lee Scott, Jr. Chairman of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc. and Former Chief Executive Officer Lee has been a member of the Board since 1999 Arne M. Sorenson Executive vice president and chief financial officer of Marriott International, Inc., a position he has held since 1998. Former partner in the law firm of Latham & Watkins in Washington, D.C. Arne joined the Board in 2008 Jim C. Walton Chairman of the board and CEO of Arvest Bank Group, Inc. Chairman of the board of Community Publishers, Inc.

Woolworths Limited, a retail company in Australia A director of The Reserve Bank of Australia, Fairfax Media Limited, and Chairman of the board of directors ALH Group Pty Limited. Roger joined Wal-mart's Board in 2006 Douglas N. Daft Retired Chairman of the Board and CEO of The CocaCola Company A director of The McGraw-Hill Companies, Inc. Doug joined Wal-mart's Board in 2005 Michael T. Duke President and Chief Executive Officer, Wal-Mart Stores, Inc. Mike joined the Board in 2008

Jim joined the Board in 2005 S. Robson Walton Chairman of the Board of Directors Rob has been a member of the Board since 1978

Christopher J. Williams Chairman and CEO of The Williams Capital Group, L.P. Chairman and CEO of Williams Capital Management, LLC A director of Harrah's Entertainment, Inc. Chris has been a member of the Board since 2004 Linda S. Wolf Former chairman of the board and CEO of Leo Burnett Worldwide, Inc., a division of Publicis Groupe S.A. A trustee for investment funds advised by the Janus Capital Group, Inc. Linda been a member of the Board since 2005

Environmental Goals Wal-mart currently has 3 environmental goals: (Walmart.com, 2010) 1. To be supplied 100 percent by renewable energy 2. To create zero waste 3. To sell products that sustain people and the environment Operational efficiency Wal-mart has a focus on growing its return on investments through development of gross margin improvements, inventory management, and disciplined capital allocation processes. The company has developed ways to increase labor productivity by its associates which helps to leverage the operating expenses. Wal-mart has grew operating income faster than sales; 5.2% to $19.5 billion. It has also achieved strong sales and gaining market share in many countries by using innovation combined with its competitive advantages. Operational capacity Wal-mart is a large retailer with many stores, distribution centers, and communication

technology to effective operates at its large scale. Its supercenters average roughly 185,000 square feet as well as include grocery section. By 2010, Wal-mart had 2747 Supercenters at the end of 2010, which is an increase of 135 stores from the previous year (most were converted from Wal-mart discount stores). Discount Stores have a size of 108,000 square feet in size with a variety of general merchandise while some carry limited grocer items. Wal-Mart operated 803 Discount Stores in 2009. Neighborhood Stores average around 42,000 square feet in size including general merchandise and a full grocery section. Wal-Mart operates 158 Neighborhood format stores in 2010. Brand awareness Wal-mart has great focus on establish brands within its stores. The retail giant's major merchandise lines include house wares, consumer electronics, sporting goods, lawn and garden, health and beauty, apparel, home fashions, paint, bedroom, hardware, automotive repair, maintenance items, toys and games, and grocery. Their current brands are listed below: (Wikipedia.org/walmart, 2010)
Sam's Choice, originally introduced as Sam's American Choice in 1991, is premium retail brand in food and selected hard goods. Compared to Great Value products and to other national brands, Sam's Choice is positioned as a premium retail brand and is offered at a price competitive with standard national brands. Great Value was launched in 1993 and forms the second tier, or national brand equivalent ("NBE"), of Wal-mart's grocery branding strategy. Equate is a brand used for consumable pharmacy and health and beauty items, such as shaving cream, skin lotion, overthe-counter medications, and pregnancy tests. Ol' Roy is Wal-mart's store brand of dog food. Its namesake comes from Sam Walton's bird dog, and has become the number-one selling brand of dog food in the United States, surpassing Nestle's Purina. Ol' Roy was created in 1983 Parent's Choice is the Wal-mart store brand for baby products, including food, diapers, formula, and accessories. Like other Wal-mart store brands, its design and packaging was relaunched in 2010. White Stag is a brand for women's clothing, footwear, and basic jewelry. George is a brand of more formal clothing for men, women and children. It also consists of dress shoes, wallets, belts, and neckties. It was created by the British retailer ASDA in 1990, and since Wal-mart acquired ASDA in 1999, it has maintained and expanded it to other markets, notably the United States, Canada, and Japan. The George brand was named after George Davies, who was its original chief designer Faded Glory is a brand for basic men's, women's, and children's clothing and footwear. It is Wal-mart's primary clothing brand. Jesse James Industrial Workwear is a brand of men's work clothing, named for the motorcycle builder Jesse James. No Boundaries, usually abbreviated as NOBO, is a line of apparel targeted at teenagers and young college students. Simply Basic was previously a brand used for health and beauty items, but is now used primarily for women's sleepwear. Better Homes and Gardens is a product line with designs inspired from the popular magazine of the same name. Canopy is a home product line that features coordinated solutions for rooms and other domestic goods. Some Canopy products are made with organic cotton.

Hometrends products include small furniture, tableware and various home decor accessories, such as rugs and faux plants. Mainstays products include curtains, bedding, some small home furnishings, and various other products, including office supplies and kitchen utensils. your zone is a home product line that tailors toward teenagers and college students. @ the Office is a brand used for office supplies and stationery. Best Occasions is a brand used for party decorations and accessories, such as candles and hats. Clear American is used for carbonated and flavored water. Was previously known as Sam's Choice Clear American. Color Place is the brand used for paint and painting tools. Color Place paint is made by Valspar. Douglas is the brand used for budget priced tires. Models include Xtra-Trac and Touring. Some models are made in a Goodyear plant. EverStart is the brand for automotive and lawn mower batteries. The brand is also used for battery related accessories, such as jumper cables. Fire Side Gourmet is used for pre-cooked burgers and steaks, and was previously under the Sam's Choice label. Gold's Gym is used for athletic and exercise equipment such as weights. Named after and licensed from the chain of fitness centers. Holiday Time is used for Christmas items such as Christmas trees, decorations, and wrapping paper. Kid Connection is used primarily for children's toys, but was also used for children's clothing and shoes. Marketside is a brand of fresh foods usually found in Wal-mart's deli, produce, and bakery departments, such as salads, soups, breads, and sandwiches. Ozark Trail is a brand used for outdoor equipment and footwear. Protege is a brand consisting of luggage and travel accessories. Special Kitty is a brand of cat food and litter. SuperTech is Wal-mart's brand of motor oil. The brand is also used on other consumable automotive products, such as oil filters, windshield wiper fluid, and transmission fluid. Wal-mart Family Mobile is Wal-mart's exclusive cell phone (postpaid) service provided through the T-Mobile cellular network. World Table is a brand consisting of foods inspired by international cuisines, such as sauces, snacks, and frozen foods.

Former Brands Athletic Works was a brand for athletic clothing, such as gym shorts and running shoes, and has been partially replaced by the Gold's Gym brand. The brand was also used for sports equipment and watches. The brand was also on men's and women's socks, and men's underwear. Durabrand was a brand used for home electronics such as televisions and DVD players. The brand was also used on various small kitchen appliances. ilo was another brand of home electronics, consisting of more upscale items such as plasma televisions and digital music players. Metro 7 was an upscale brand of women's apparel, that was released in the fall of 2006. Puritan was a brand for men's basic clothing including shirts, pants, undergarments, socks, ties, and some accessories. In late 2010, the brand was phased out and replaced by Faded Glory (with undergarments) and George (with ties, shirts, and pants

Market share Wal-mart is dominant in many merchandising markets and quickly expanding into new ones. As the largest retailer in America, it has surpassed its closest competitors by great lengths. The company generates revenue from its different subsidies across the world, including:

Wal-Mart Stores

63.8% of Total Revenue

Sam's Club Wal-Mart International

11.5% of Total Revenue 24.7% of Total Revenue

Wal-Mart Inc., STOCK:

Valuation Measures
Market Cap (intraday)5: Enterprise Value (Nov 30, 2010)3: Trailing P/E (ttm, intraday): Forward P/E (fye Jan 31, 2012)1: PEG Ratio (5 yr expected)1: Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm)3: Enterprise Value/EBITDA (ttm)3:

WMT

53.85
195.64B 240.56B 13.42 12.18 1.25 0.46 2.97 0.57 7.28

0.11 (0.20%) as of November 30, 2010

Income Statement
Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm): EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): 419.24B 112.71 2.60% 103.56B 33.04B 15.11B 4.03 6.10%

Balance Sheet Financial Highlights

Fiscal Year Fiscal Year Ends: Most Recent Quarter (mrq): Jan 31 Oct 31-10 Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): 10.62B 2.94 56.79B 86.68 0.87 18.12

Profitability
Profit Margin (ttm): Operating Margin (ttm): 3.59% 6.08%

Cash Flow Statement

Operating Cash Flow (ttm): Levered Free Cash Flow (ttm): 26.07B 12.59B

Management Effectiveness
Return on Assets (ttm): Return on Equity (ttm): 8.86% 22.69%

**Data provided by Y ahoo Fina nc e and Capitai/Q.com.

Exclusive contracts Wal-mart has purchased 2 million shares of Green Dot, a prepaid debit-card seller, in June 2010. (NYTimes, 2010) This gives the retail giant a look at commercial banking as Green Dot has managed their prepaid card business for years. Wal-mart also has contract with VUDU which sells and rents downloadable movies and TV shows on-demand. (Kharif, 2010) This is a web

based business but looks to expand to devices where web connectivity and home entertainment

intersect, such as Netflix, Time Warner Cable, Apple, Amazon, and video gaming systems. Walmart has announced in September 2010 a Family Mobile service which is a cellular phone plan with its own branding. This was feasible via T-mobile USA networks and offers unlimited calling plans to compete with other cell phone service providers. Patents and trade secrets Wal-mart has trademarked the name Wal-mart (excluding dash) and has requested all financial reports use the original hyphenated version.

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External Analysis
Customers Wal-Mart's main customer base has an average annual income of $35,000. The company appeals to a mass market as it offers a variety of merchandise at a very affordable cost in comparison to other retailers. Competitors Target is Wal-Mart's most direct competitor with similar merchandising formats and supercenters. Target's advantage over Wal-Mart is its customer base which averages around $50,000 per year. This is significantly higher than Wal-mart. Kmart is the third discount retailer, but has seen steadily declining sales since 2000. It has lost major market share in its attempt to restructure and compete with a large-scale retailers. , Wal-Mart competes with other specialized retailers, such as Safeway in groceries, Best Buy in consumer electronics, and department stores such as Macy's.

Sam's Club directly competes with Costco Wholesale and BJ's Wholesale Club in the warehouse club sector. Costco out performs Sam's Club in sales.

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Internationally, Wal-Mart's competitors are Britain's Tesco, France's Carrefour, and Germany's Metro. These retailers are located in similar markets as Wal-mart, such as China, the UK, and Japan. Market Trends Wal-mart remains focused on staying the price leader, yet focused on balancing risk profile between mature markets like the U.K. and emerging markets like Brazil and China.

Wal-Mart stores earned 51% of their revenue from grocery sales in 2010, with sales of entertainment, electronics, and toys a distant second at 13% of Wal-Mart stores' revenue. The company plans to open 145-160 new stores in 2011. Wal-Mart's 4,304 domestic namesake stores accounted for over $300 billion of the company's revenue during fiscal year 2010 which was a 0.9% increase from sales in 2009. This moderate growth differs from the 0.7% decrease in comparable store sales the store suffered in 2010. Also, as of 2008, over 80 percent of WalMart's 60,000 global suppliers are based in China. Social Changes Wal-mart is rolling out "Operation Main Street: Money Management," a program that gives Americans - including those underserved customers not using traditional checking accounts affordable access to essential money services.

Working collaboratively with the American Red Cross and The Salvation Army, Wal-mart and

its Foundation are able to provide life-sustaining items and much needed peace of mind to those in need of assistance. The company supports disaster relief efforts in communities around the world. Wal-mart has recently helped disasters such as, Chile Earthquake and Tsunami Relief, Haiti Earthquake Relief, and Hurricane Katrina. The Wal-mart Foundation offers three

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scholarship programs and also administers the Walton Family Foundation Scholarship on behalf of the Walton Family Foundation. Wal-mart also supports veterans in the local community. Walmart stores, Sam's Clubs and distribution centers take the lead on many projects designed specifically for their neighborhoods ranging from adopting families whose loved ones are deployed to honoring local heroes on Walls of Honor inside Wal-mart stores and Sam's Clubs in the weeks leading up to Veterans' Day. Also, the company has added Fair Trade Certified coffee and locally grown fresh produce inside their stores. New technology Wal-mart has invested in many innovative technologies to improve its continual success. They have adopted satellite technology to help supply chain management and inventory processes. The effectively used the UPC to quickly update its database and logistically distribute goods. The RFID technology of early 2000s has been updated with sophisticated electronic ID tags to track goods.(Bustillo, 2010) Inventory tracking devices can quickly scan goods to determine missing items and low levels. This will be implemented in over 3,750 stores in the United States.

SWOT ANALYSIS
Strengths Largest retailer in the world by sales Opportunities Online retail sales

50% higher sales than closest competitors Supplier connections Large purchasing power Price Leader Operational effectiveness Variety merchandise provider Successful in economic hardships

Internationally presence and expansion Brand expansion Develop customer shopping experience/satisfaction Green Initiatives Acquisitions of successful startups in competitive markets Digital Market Commercial Banking

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Weaknesses o Monopolistic Business o Management of employees o No detailed mission statement/core competencies o Low wages and benefits o Reaction to changes in market o Different stores in different locations o Low quality products/ Recalls

Threats o o o o o Reliance on Chinese imports Law suits Global economic conditions Targeted by small biz as leading retailer Opposition Groups (Community, Environmental, Political, Unions)

Current Issues and Problems Wal-mart has become vulnerable as the price leader and incorporating low quality products within its stores. Competition, notably Target, has increase the quality of products and aims to attract a higher income level, customer.(WikiInvest.com, 2010) This will allow Target to gain sales with less operating expenses. Wal-mart has survived the economic downturn in modern times, but may face more challenges as the economy raises consumers' purchasing power. Luxury goods will be more demanded and the retail giant must quickly react at its large scale operations. Consumers may not trust their products to be high quality and may change the image of Wal-mart's brand.

Another issue is in international markets where economies are changing rapidly. In example, China is imposing more changes to its national economic stance in the world. The country is attempting to raise the value of the Yuan, which in return means Wal-mart will pay more for Chinese merchandise that account for nearly 80% of its suppliers.

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Communities are hesitating to welcome Wal-Mart into some communities. Although economic downtown has cause many local government to suffer high unemployment, many have fully welcomed Wal-Mart. In a 2006 report, Chicago's west side store opening was analyzed and determined to have a negative impact on local small business owners.(Farmer, 2010) Wal-Mart has called the test "flawed." The company adds there were 22 new business openings surrounding the retail giant and charitable donations were given to local non-profits. However, more and more communities look into Wal-Mart's impact on their community before offering tax breaks and incentives to drive local employment. Recommendations With many great opportunity and strengths, Wal-mart may need to focus attention on potential threats and weakness. There are a few recommendations to help the company expand, reduce liability, maintain reputation, and decrease social backlash.

Wal-mart should improve its brand image as it operates low-quality products at a much affordable price than its competitors. The company should inherit more brands that are established in quality rather than grow its own brands through acquisitions. Profit maximization is hurting the retail giant's image, yet improving profits year after year. The company has made a great leap into electronics sector and must compete with consumer electronic business leader,

BestBuy. Wal-Mart plans to launch the iPad for sale the 4th quarter of 2010. (Bustillo, 2010) This should help their image in quality products, since televisions are majority low quality to

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target their audience. The iPad should add well to their video gaming sales to increase a brand base of quality products.

The company also faces backlash through community groups, unions, lawsuits from employees, and environmental groups. Wal-mart should participate in more local community events by sponsoring reputable non-profits in each of its locations. By connecting to local schools, the company can regain trust in parents, the next generation of shoppers, and community activist that may have an unfavorable review of them.

Wal-mart has been accused of hurting small businesses and disrupting the markets in many small town communities. This lowers purchasing power of the community, although as the price leader approach appears to save customers money to live better. Small businesses can employ more workers and in return they will shop at Wal-mart with higher purchasing power. Wal-mart should help empower small business, not to compete against them, but to provide wholesale options and support to help them succeed. Sam's club is a great place to shop, but many small business owners avoid the membership and travel to the warehouse. With proper distribution to other small business as a supplier, Wal-mart can help the small businesses to grow and still generate revenue. The disadvantage would be large stores that would decrease sales, but increase purchasing power of local communities. It must find a way to comprehend the microeconomic impacts that would offset healthy, local, economic environments. Currently, New York is debating the negative disadvantages of the retail giant's opening of new stores.(McCormack 2010) It has become more a paranoia when inviting Wal-Mart into local communities. The

advantage of taxing the retailer and creating jobs has not fully proved to empower small business owners or improve quality of living as mentioned in mission statement. Wal-Mart has attempted to move stores near the Washington D.C. area, appearing to influence legislators or target an urban market.(Debonis, 2010) This may help or hurt the company in its close proximity to

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lawmakers and advocacy groups. Management should consider the impact of protests or the D.C. stores being a close example of the retailer that is targeted by media via politicians.

Lastly, Wal-mart should focus internationally on establish stores to compete in Europe. The company has not successfully competed against European superstore, Tesco.(Harjani, 2010) It should find strategies to compete, such as analyzing their customers and providing better products and service. This could be maintained by analyzing their competitors such as Target in the United States. Also, China and India hold great potential in providing new market expansion to increase sales. Wal-mart should establish political connections and find acquisition to expand its brand or operations. Currently, Wal-Mart is considering purchasing South Africa's MassMart to expand its operations.(Steward, 2010) It will need to win local support of political leaders which Wal-mart has not successfully established foreign or domestically. The retailer will need more legal representation and strategy to guide its expansion in global markets.

References

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Walmart. (2010). Wikipedia.org. Retrieved November 30, 2010, from http://en.wikipedia.org/wiki/WalMart

Walmart Inc. (2010). Wikiinvest. Retrieved November 30, 2010, from http://www.wikinvest.com/stock/Wal-Mart_(WMT)

Walmart stores. (2010). Retrieved from http://walmartstores.com/sites/annualreport/2010/operational_highlights.aspx

Forbes invest. (2010). Retrieved from http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=WMT

Kharif, O. (2010). Wal-mart picks up digital vudu. Bloomberg Businessweek, Retrieved from http://www.businessweek.com/technology/content/feb2010/tc20100222_235241.htm?campaign_i d=yhoo

(2010). Wal-mart invests in green dot . NYTimes, Retrieved from http://dealbook.nytimes.com/2010/06/16/wal-mart-invests-in-green-dot/?partner=yahoofinance

Harjani, A. (2010). The us consumer is back: top wal-mart supplier. CNBC Asia Pacific, Retrieved from http://www.cnbc.com/id/37773401/The_US_Consumer_Is_Back_Top_Wal_Mart_Supplier

Bustillo, M. (2010). Wal-mart radio tags to track clothing. Wall Street Journal, Retrieved from http://online.wsj.com/article/SB10001424052748704421304575383213061198090.html

Stewart, R. (2010). Wal-mart sets african offer. Wall Street Journal, Retrieved from http://online.wsj.com/article/SB10001424052748704421304575383213061198090.html

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Bustillo, M. (2010). Wal-mart lands agreement to sell ipad. Wall Street Journal, Retrieved from http://online.wsj.com/article/SB10001424052748704518104575546570833654304.html

Farmer, L. (2010). Case study: chicago's urban walmart . Washington Examiner, Retrieved from http://washingtonexaminer.com/local/dc/2010/12/case-study-chicagos-urban-walmart

On the call: wal-mart's bill simon . (2010, November 16). Bloomberg Businessweek, Retrieved from http://www.businessweek.com/ap/financialnews/D9JHC1G81.htm

DeBonis, M. (2010, November 11). Wal-mart lays political groundwork for d.c. stores. Washington Post, Retrieved from http://voices.washingtonpost.com/debonis/2010/11/walmart_lays_political_groundw.html?hpid=e ditorialpromo

McCormack, S. (2010). Walmart in nyc? city council to debate the possibility. Huffington Post, Retrieved from http://www.huffingtonpost.com/2010/11/29/new-york-walmart_n_789453.html

Bleby, M. (2010). "we are not job destroyers" - wal-mart. Business Day, Retrieved from http://www.businessday.co.za/articles/Content.aspx?id=128149