Walmart (NYSE:WMT) recently hosted its 2015 Year Beginning Meeting and the focus, set by President and CEO Doug McMillon, was making a fresh start.
The company stressed that Walmart is the retailer that suppliers should go to for growth. McMillon reminded his staff and the retailer's partners of the company's basic truths: Walmart is customer-driven, hungry for growth and moving with great speed.
Jeff Clapper, the CEO of 8th & Walton, a destination for Walmart supplier education, wrote in his blog that 2015 will be a time for strengthening Walmart's core by driving sales increases at each store. The company will do this by investing in both physical and digital retailing, and by supporting all Walmart associates.
Therefore, McMillon is looking for suppliers who share this vision.
Clapper reported specific characteristics that Walmart will look for in suppliers moving forward. First, they should exhibit price leadership with an emphasis on building trust. Second, the retailer wants good inventory management, or in other words, suppliers who can put the right product in the right place. In addition, Walmart is looking for innovative products that its customer is looking for. And finally, ideal suppliers should put their best employees on their Walmart account.
McMillon has already implemented several company changes since the start of 2015. In January 50 employees were laid off at corporate headquarters. The retailer also announced it would invest $340 million to expand in Canada in 2015.
-See this 8th & Walton blog
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