Wal-Mart's CEO urges employees to reimagine company's future
(AP) — Wal-Mart's CEO urged employees on Friday to reimagine its future in a fast-shifting retail landscape.
[...] it's fighting back on multiple fronts, growing more aggressive with prices and going after Amazon, both online and on the doorstep, by expanding delivery services.
The event was packed with 14,000 people including nearly 6,000 Wal-Mart workers as well as shareholders, analysts and several Walton family members.
The legacy of the company's late founder Sam Walton still resonates, with executives paying homage to his philosophy of low prices and customer service.
The company announced this year it would shutter 269 stores worldwide, about half of them in the U.S. That's a tiny fraction of its locations worldwide, but was a rare pruning for Wal-Mart, particularly on its home turf.
The company posted its seventh consecutive quarter of rising comparable-store sales at U.S. Wal-Mart locations, which account for 62 percent of annual revenue.
"Domestically, Wal-Mart's challenge remains unchanged as it attempts to adapt to a changing retail environment in which stores are only 'part' of the environment and not 'only' the environment," wrote Credit Suisse analyst Michael Exstein.
The company is also bringing back the smiley face in stores and TV ads after a decade, saying nearly 70 percent of customers still equate the image with savings.
Wal-Mart is focusing on improving its fresh produce offerings at its U.S. namesake stores, which drives frequent traffic.