FAYETTEVILLE, Ark. — Expanding globally and marketing to the “next- generation customer” are Wal-Mart Stores Inc.’s long-term goals, its CEO told shareholders Friday, but the company also needs to fix slumping domestic sales.
Wal-Mart president and chief executive Mike Duke outlined a five- point program at Wal-Mart’s annual meeting to help the company sell more on the Internet at home and abroad while keeping its costs and prices low.
“Our next-generation customer will include millions who are striving to join the emerging global middle class,” Duke said.
“They’re connected to the world through smartphones and social media. They’re in charge of when they shop and how they shop, and they know who has the lowest prices.”
Duke said the company has five priorities:
• Growth by adding customers, opening stores and acquiring other retailers.
• Keeping costs low and passing the savings to customers.
• Building a global Internet business.
• Developing talent, including a greater focus on women and minorities.
• Expanding the company’s sustainability effort.
Wal-Mart’s approval this week for its $2.4 billion purchase of a majority share in South African retailer Massmart is a major step in its international strategy.
But Duke said the world’s largest retailer will also win new customers in Chicago and New York, where Wal-Mart has struggled to win approval to build stores.
