Walmart’s dominance in the retail space has been coming under increasing pressure from e-commerce giant Amazon, which is threatening to overtake the Arkansas-based big box giant, according to a report by The Wall Street Journal:
“For a decade, Walmart WMT -0.05%decrease; red down pointing triangle has reigned as the nation’s biggest company by revenue. Its sales last year added up to $648 billion—more than $1.2 million a minute.
“That status comes with benefits. It gives Walmart power in negotiations with product manufacturers and in dealing with government officials over policy issues. It’s also a point of pride: Job postings often tout working at the “Fortune 1” company as a perk.
“Its reign is looking shaky lately. If current sales trends persist, Amazon AMZN -0.58%decrease; red down pointing triangle is likely to overtake Walmart soon. Amazon reported $575 billion in total revenue last year, up 12% from the previous year, compared with Walmart’s revenue growth of 6%.
“Walmart’s behemoth size means that to meet its own sales target of around 4% growth each year, the company has to find an additional $26 billion in sales this year. That’s no easy task. About 90% of Americans already shop at the retailer. The pandemic and rising inflation boosted Walmart’s revenue by $100 billion since 2019.”
To read the entire WSJ article, please click HERE.