Walmart Worship

"Walmart's chief executive, Doug McMillon, will step down on Jan. 31," The New York Times bullishly observed, "completing a 12-year run that moved the company from a staid brick-and-mortar retailer to a formidable challenger to Amazon, making the big-box store the envy of many in the retail industry." McMillon "leaves Walmart in a strong position after years of work repositioning it as a formidable digital player and more competitive employer." "I can't overstate how difficult it is to take a company with such a strong legacy and make it competitive in today's environment, given the pace of change," Joanna Starek, an adviser to chief executives, told the Times."

"During his 12-year reign atop the world's largest retailer, Walmart's annual revenue has increased by nearly $200 billion, to $681 billion. Its stock price has risen more than 300 percent, handily outperforming the S&P 500. And its market capitalization has surpassed $900 million. What those numbers conceal, however, is Walmart's contribution to the nation's stark economic divide. And the press has blithely ignored it."

Doug McMillon is planning to retire after a 12-year tenure as Walmart's chief executive. Walmart's annual revenue rose by nearly $200 billion to $681 billion, its stock price increased over 300 percent, and market capitalization surpassed $900 million. Those financial gains have coincided with criticism that Walmart contributes to the nation's stark economic divide. Walmart has raised wages under McMillon, including higher starting hourly pay and increased base salaries for U.S. store managers, while also expanding digitally and selling higher-end items. Public and media attention has focused on competitive repositioning and growth rather than the company's broader economic impact.

Read at The Nation