Will Walmart Ever Go Out Of Business?
A few years ago, some economic experts in our country asked me the question, “Will Walmart ever go out of business?” The answer to that question is no. In fact, Walmart is one of the biggest success stories of the last several years. In fact, the company is doing so well that the company is sitting on a huge stockpile of cash that it is ready to invest in more new growth.
So just how did a company that was known for only selling mom and pop products create such incredible success? The answer is simple; they built an excellent customer service system, which automatically attracts the consumer. Walmart’s customer relations management teams have done an amazing job. They recognize that their customer is a real person, with real needs. They invest their time and effort understanding those needs and wants, and meeting them and exceeding the expectations of both the customer and the sales team.
In addition to excellent customer service, the company has built in-house experts in many different areas. From merchandising, to shipping and from receiving and sending packages, from stockroom to warehouse, from the front line to the executive suite, from the smallest employee to the largest superstore, from order taking to replenishment, from labor to security, the company has internal experts in nearly every area. These experts, through their training and certification programs are now integral to the success of any company. If you will, Walmart could easily and justifiably call itself the United States’ biggest retailer. It is no longer the largest discount retailer, although it will continue to remain a big seller of large-scale merchandise. No matter how you slice it, Walmart remains the largest and most successful company to ever grace the retail landscape.
Walmart employs over one million people. If one million people are employed in the retail industry, then Walmart is one of the biggest employers in the world. No matter which way you look at it, whether it is one dollar or seventy-five cents, to the average person, Walmart is a big hit and continues to be one of the most popular companies to ever grace the retail landscape. It may be time for the company to go the way of the dinosaur and allow newer, more innovative businesses to come to the forefront.
The company that started as a “burger and fries” operation has grown into one of the largest retailers in the world. Its stores span all corners of the globe and it sells to consumers in every state across the United States. The company’s growth has been nothing short of extraordinary. At one point, it was believed that the company would be taken over by its competitors, but it has instead remained strong. Consumers have flocked to Walmart and, even with the economic downturn, the company has remained unaffected.
While other companies have faced tough times in recent years, such as Target and Wal-Mart, the company has remained relatively untouched by the economy. While one might expect an economic downturn to take a toll on retail sales, the company has managed to weather the storm and its sales are still strong. In fact, Target recently reported a better than expected sales increase and Wal-Mart reported record earnings. With the combination of quality products, reasonable prices and no real competition, it is very likely that the company will continue to profit for many years to come. For the past ninety years, the Walmart name brand has been one of the most trusted names in the industry and it looks like the company will not be falling victim to the storm.