Posts Tagged ‘Stores’

News Update: Wal-Mart Stores, Inc. to Widen Price Gap & Delve into Tech & Mobile Markets

Wal-Mart Stores, Inc. (NYSE:WMT) CEO Mike Duke said Friday that he is “optimistic” about plans to continue to widen Wal-Mart’s price gap to stay on top of rivals. “Retail will soon enter an era of price transparency. Wal-Mart must widen the price gap,” said Duke during the retailer’s annual shareholder meeting, which proved to be a star-studded event that was hosted by actor and singer Jamie Foxx, and featured performances from singers Mariah Carey and Josh Groban. Duke said that technology will play a large role in Wal-Mart’s new growth strategy. Duke mentioned that the mega-retailer will take an in-depth look at mobile technology in the US, as well as its growth potential in developing countries, and will aim to give customers a wider selection of technology-based products in-stores and online. “Building the best website is just as important as getting our store format right,” commented Duke. Wal-Mart’s online traffic rose over 15% in 2009 to more than 1 billion visitors; online sales for the retailer have increased as well through website-to-store pick-ups and from a higher amount of home deliveries. Shares of Wal-Mart are trading down 1.91% Friday afternoon at .73.