Wal-Mart gains strength from distribution chain
March 24, 2003,
"The misconception is that we're in the retail business," said Jay Fitzsimmons, senior vp and treasurer, Wal-Mart; but in reality, "we're in the distribution business."
Wal-Mart is not afraid of selling premium price points, he added, and already sells such items as plasma TVs and diamonds.
Fitzsimmons also addressed two works in progress. Though international overall performs very well, the company is still improving the stores in Germany, which are doing better and will beat plan, he said, with losses going down. The problems it faced in that country were through mistakes it made, and not the economy.
The Sam's Club division is also making progress, he said. "The club business, over time, has turned more retail, and that's added more costs to the equation." So Wal-Mart is repositioning the division to address "business needs for business people."
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...