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Retail Disruptor | TheMarker 40/40

Some great insights from this rare interview with Doug McMillon, Walmart's CEO. Here are my top 10: ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐œ๐ž ๐จ๐Ÿ ๐ซ๐ž๐ญ๐š๐ข๐ฅ ๐ž๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž: "At the root of it all, though, it's a people business and it's a merchandising business. Today, it's increasingly a technology business. The supply chain is critical, of course, and real estate still plays a key role." ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐š๐๐ฏ๐ข๐œ๐ž ๐ก๐ž ๐ ๐ข๐ฏ๐ž๐ฌ ๐ญ๐จ ๐š๐ฌ๐ฉ๐ข๐ซ๐ข๐ง๐  ๐ซ๐ž๐ญ๐š๐ข๐ฅ ๐ฅ๐ž๐š๐๐ž๐ซ๐ฌ: "Don't take your current job for granted, the next job doesn't come if you don't do the one you've got well. The second piece of advice was be a great teammate... And then the third one was volunteer for something extra, volunteer for something hard." ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐œ๐ž ๐จ๐Ÿ ๐›๐จ๐ญ๐ก ๐ข๐ง๐ญ๐ž๐ซ๐ง๐š๐ฅ ๐š๐ง๐ ๐ž๐ฑ๐ญ๐ž๐ซ๐ง๐š๐ฅ ๐ฉ๐ž๐ซ๐ฌ๐ฉ๐ž๐œ๐ญ๐ข๐ฏ๐ž๐ฌ: "We've always thought that a blend was best, and there are probably times where that blend is 80/20 instead of 70/30, depending on the moment that we're in. But Sam Walton would bring in great people from the outside to help build the retail business." ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐œ๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐จ๐Ÿ ๐ž-๐œ๐จ๐ฆ๐ฆ๐ž๐ซ๐œ๐ž ๐Ÿ๐จ๐ซ ๐›๐ซ๐ข๐œ๐ค-๐š๐ง๐-๐ฆ๐จ๐ซ๐ญ๐š๐ซ ๐ฌ๐ญ๐จ๐ซ๐ž๐ฌ: "The e-commerce store is the interesting one. We've seen it all and done it all. We operate around the world in different formats, different brands. We've got large stores, small stores, all these different formats. So we know that space pretty well, but the e-commerce business was different." ๐Ÿ’ฅ ๐Ž๐ง ๐–๐š๐ฅ๐ฆ๐š๐ซ๐ญ'๐ฌ ๐ž๐š๐ซ๐ฅ๐ฒ ๐ฌ๐ญ๐ซ๐ฎ๐ ๐ ๐ฅ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ž-๐œ๐จ๐ฆ๐ฆ๐ž๐ซ๐œ๐ž: "There was a period of time when there was too much debate inside the company about the significance of e-commerce, there were leaders who believed it would never be any bigger than the catalog business, there were leaders that believed it would never be profitable." ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐š๐ง๐œ๐ž ๐จ๐Ÿ ๐จ๐ฆ๐ง๐ข๐œ๐ก๐š๐ง๐ง๐ž๐ฅ ๐ซ๐ž๐ญ๐š๐ข๐ฅ: "It's always been clear to me that this was an 'and' โ€” there are going to be stores, there will be store curbside pickup, there will be delivery of various forms, there'll be stores and e-commerce." Continue in the comments... ๐Ÿ‘‡ Thank you Karl Haller for sharing this!

Yael Kochman

Retail Disruptor | TheMarker 40/40

2mo

2 more insights: ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐›๐ž๐ง๐ž๐Ÿ๐ข๐ญ๐ฌ ๐จ๐Ÿ ๐š๐œ๐ช๐ฎ๐ข๐ซ๐ข๐ง๐  ๐‰๐ž๐ญ.๐œ๐จ๐ฆ: "Our view, my view, was that you need all of the above. The stores are an asset, and they have a great assortment in them and they're close to people. Being within 10 miles of 90% of America is a huge advantage, especially with fresh food at a good price. But we must also, if you think long-term and you think about what the company wants to accomplish, you must have a big and important first-party e-commerce business, and you must have a marketplace, and the things that go along with the marketplace." ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐œ๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐จ๐Ÿ ๐ข๐ง๐ญ๐ž๐ ๐ซ๐š๐ญ๐ข๐ง๐  ๐ž-๐œ๐จ๐ฆ๐ฆ๐ž๐ซ๐œ๐ž ๐š๐ง๐ ๐ฉ๐ก๐ฒ๐ฌ๐ข๐œ๐š๐ฅ ๐ฌ๐ญ๐จ๐ซ๐ž๐ฌ: "It did take this period of time where we had independence before we eventually could put them together and really start to leverage omnichannel." On the importance of grocery pickup: "When we started in California and then Denver, and a team started working to put everything in place to do grocery pickup and in the beginning we even had a separate app. It was an orange online grocery app."

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Yael Kochman

Retail Disruptor | TheMarker 40/40

2mo

Last but definitely not least: ๐Ÿ’ฅ ๐Ž๐ง ๐ญ๐ก๐ž ๐œ๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐š๐ง๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐จ๐Ÿ ๐ญ๐ž๐œ๐ก ๐ข๐ง ๐ซ๐ž๐ญ๐š๐ข๐ฅ: "I think it is, and if I were to restate it in my own experience here, I would say this story is actually about people changing, and if you looked at what had to happen inside the company to enable what you just said, we had to learn about design, product management, working in an agile fashion, working across our silos in a different way."

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Ronit Gabizon

Senior Business Development and Sales Executive | High-Tech Solutions | Strategic Growth Leader

1mo

Great advice!.

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Karl Haller

Partner, Consumer Center of Competency (CoC) Leader at IBM

2mo

A retail #MasterClass

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