FAYETTEVILLE, Ark. — Wal-Mart Stores Inc.’s new president and CEO, Mike Duke, pledged to shareholders Friday that the world’s largest retailer will speed efforts to improve its operations, from offering more compelling merchandise to keeping prices low, as it aims to hold onto customers when the economy improves.
“I believe the economic crisis has brought a fundamental shift in consumer attitudes and behavior,” Duke told cheering shareholders packed into a University of Arkansas arena in Fayetteville, about 30 miles from its Bentonville headquarters.
“There is a ‘new normal’ in which people want to save money and are getting smarter about saving money. … So let me be clear, and people ask me about this all the time: Our customers will stay with us when this economy turns around,” he said. “So we must seize this moment in time.”
Wal-Mart has taken customers from competitors and been a bright light in a bleak recession that has made shoppers focus on necessities like groceries and pull back on discretionary items like clothing.
The four-hour annual meeting was more about celebrating and featured Wal-Mart’s customary celebrity appearances. Teen pop star Miley Cyrus, who will have an exclusive apparel line with Wal-Mart, performed, as did American Idol winner Kris Allen, who is from Arkansas. Basketball legend Michael Jordan also spoke briefly.
