Tasha Tandy

This interview with Walmart CEO Doug McMillon is a #retail #masterclass. A bit of context and perspective, combined with a lot of detail about every aspect of their business — #merchandising, #SupplyChain, #stores, #digital / #omnichannel, #international, #technology, #marketplaces, #RMNs, and more. And this will make an excellent base prompt for a retail #AI assistant — one of my #WeekendProjects

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Walmart exceeded expectations for quarterly earnings and revenue. The company experienced significant e-commerce growth, with a 22% increase in its U.S. business. Walmart's grocery business benefited from the widening gap between the price of cooking at home and eating out. The convenience offered by Walmart attracted more high-income shoppers, with its delivery business surpassing store pickup in terms of volume. Walmart reported earnings per share of 60 cents (adjusted) compared to the expected 52 cents, and revenue of $161.51 billion compared to the expected $159.50 billion. Net income for Walmart increased to $5.10 billion, or 63 cents per share, compared to $1.67 billion, or 21 cents per share, in the previous year. Walmart's same-store sales for Walmart U.S. increased by 3.8%, excluding fuel, and same-store sales for Sam's Club rose 4.4% year over year, excluding fuel. E-commerce sales for Walmart U.S. grew by 22% year over year, driven by store pickup, delivery of online orders, and the company's third-party marketplace. Walmart's profits were boosted by newer businesses like advertising and its subscription-based membership program, Walmart+. The company's global advertising business grew by 24% during the quarter, with 26% growth in the U.S. segment. #walmart #earnings #retail #ecommerce

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If It Ain't Fixed Don't Broke It Macy's announced another round of 150 store closures 3 years after closing 100 stores The closures and layoffs are part of a streamlining effort to better align with the ever changing consumer and marketplace Best Buy is closing 15 stores in 2024 after closing 25 stores in 2023. Additionally, Geek Squad layoffs abound as Best Buy expands the use of A.I. New Gap CEO, Richard Dickson, has stated that marketing has lost sight of the differentiation between its Gap, Old Navy, Banana Republic, and Athleta brands Three large struggling companies with similar turnaround strategies Cut costs, improve inventory mix, align symmetries, yada yada yada One thing these companies never talk about? How do we improve the lot for our employees? How do we get our employees to care? How do we get our remaining employees engaged in our success when all we've done is beat them down Okay, that was 3 things, but you get the point Companies don't know how to engage their employees, and they don't care Why should they? The Institution of Leadership has not moved the employee engagement needle since the 1990’s, which is surprising since the same tired old solutions have been recycled as new for decades Servant Leadership hasn't improved engagement Authentic Leadership hasn't improved engagement Emotional Intelligence hasn't improved engagement The Point? Just because others continue to fail to improve employee engagement doesn't mean it can't be done Better ideas, higher engagement It really is that simple The Illusion of Competence #leadership #innovation #tech #management #emotionalintelligence

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Here's some great information from Neil Saunders about recent retail developments. I found the story about automated vending machines for ammunition in Alabama quite fascinating (and uniquely American!). This raises some interesting questions: 1) Is this purely a capitalistic endeavor, or is it addressing an unmet need? 2) Are consumers experiencing issues in acquiring ammunition that these automated machines solve? I'd love to hear your thoughts on whether this innovation is driven by market demand or if it's simply an attempt to capitalize on new technology. #innovation #technology #markets #retail #entrepreneurship

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Great Bloomberg op-ed on why investing in retail store leaders is good for business. I love Andrea’s callout that big investments can raise eyebrows with analysts – like increasing our average Walmart store manager salary to $128,000/year with a new bonus program that gives store managers the potential to earn up to 200% of their base salary. But in the long run, she shows how these types of investments support retention, career growth, better run stores, strong stock value, and our ability to attract a broader range of customers.   Here are a couple of studies that stood out to me in Andrea’s piece: 💠 A 2012 study by Alex Edmans, Professor of Finance at the London Business School (then at Wharton School), found that firms on Fortune’s list of “100 Best Companies to Work for in America,” which have superior employee satisfaction scores on factors including pay and benefits, outperformed peers by 2.3-3.8% per year from 1984 through 2011. 💠 A follow-up study by Hamid Boustanifar, associate professor at the EDHEC Business School, and Young Dae Kang of the Bank of Korea found that the relationship still held: companies on the publication’s list earned an excess return of 2-2.7% per year through 2020, with particular outperformance during tough times.   At the end of the day, these investments also support the ability to build a pipeline of strong talent that stays and grows with a company. We want Walmart to be seen as an employer of choice and pay plays a big part in how we attract and retain talented people. #Compensation #TeamWalmart https://lnkd.in/gPVdAYG4

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Love it! But those who work in stores only wished their partners at HQ wanted to be in stores without a mandate. It is impossible to be the best in supporting stores or building a customer experience without being in stores often…at night, on weekends and during holidays! And once in stores be uber curious and engage with customers and the team. Ask “what can I do better or to help?”, “what gets in your way?”, “what should HQ change?”… ask these and other questions…and be genuine and authentic or don’t go! Oh, and get in the back room and ask to process freight, complete an Omni order, learn the steps involved in process’ and do the work! The best leaders work in stores with their teams, not simply “visit”. Retail magic still happens where the team, customer and product collide!

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