Wal-Mart is the world's largest retailer and one of the most successful companies in the world that does not insulate them from future problems or new challenges. Each problem will need to be addressed by the company or else future growth may be affected. With the passing of the founder, Sam Walton, many people question the company's ability to carry on Sam's legacy that guided the company to success. The company has a reputation for being responsive to the customer and will surely need to continue this belief in order to be successful.
Competition aimed toward Wal-Mart includes similar discount retail stores as well as grocery supermarkets. Major competitors such as Target and Kmart have been gearing up for direct competition with Wal-Mart in order to regain some market share that has been lost to the industry leader. Often times, when companies experience incredible growth in a relatively short period of time, it can give them a false sense of what to expect in the future.
These high expectations may actually cause the company to suffer. Future growth in any company is essential if it intends to stay competitive in today's economy.
After Sam Walton died, the President confidently responded that nothing would change at Wal-Mart. The principles and the basic values that Mr. Walton used in founding the company were so sound and so universally accepted throughout the entire corporation, that there would be no transition. Following Walton's death, the company announced that his son, vice chairman of Wal-Mart, would succeed his father as chairman of the board. Management identified four key legacies of Sam Walton to serve as guidelines for the company in the future: everyday low prices, customer service, leadership, and change. As long as these four basic guidelines are embraced in every decision, the new...