Millennials, more than Generation X or baby boomers, are choosing to shop at Walmart (NYSE:WMT). The big box retailer's low prices, mixed with e-commerce and mobile abilities, sets it apart from competitors.
"That kind of shocks a lot of people, including inside the company," Walmart CMO Stephen Quinn told AdAge. "As millennials become time-crunched with relationships and kids coming along, it's opening up a strong need for them to have a one-stop shop."
According to data from InfoScout, Walmart is more popular with shoppers under the age of 24 than Target, Costco, Kroger, Whole Foods or Trader Joe's. It also beats all of the same retailers, except Target, for shoppers between the ages of 25 and 34.
Quinn said that millennials are the first generation to grow up in a time when Walmart was a dominant retailer, so it feels comfortable for them. In addition, the company has invested a lot into its e-commerce platforms. At the company's recent shareholder meeting in Bentonville, Arkansas, Walmart reinforced that digital innovation, and integrating the 4,400 store base with online operations, is priority No. 1.
A coveted shopping group, many retailers are trying to grab a share of millennial sales. For example, Whole Foods (NASDAQ:WFM) recently announced a new store concept geared specifically toward millennial shoppers.
-See this AdAge article
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