Walmart is known for its low prices and no frills approach. So it may come as a surprise that wealthier shoppers are helping to fuel the retailer’s growth. For more than two years, the discounter has noticed more customers with six-figure incomes shopping on its website and in its stores. Households earning more than $100,000 made up 75% of the company’s market share gains in the fiscal third quarter, Walmart CEO Doug McMillon said on the company’s earnings call in November.
Chapters:
0:00- 0:29 Introduction
0:30 – 1:49 Chapter 1 What is going on?
1:50 – 3:02 Chapter 2 How did it happen?
3:03 – 5:33 Chapter 3 What does it mean?
Reporting by: Melissa Repko
Edited by: Andrea Miller, Nic Henry, Darren Geeter
Shot and produced by: Natalie Rice
Senior Managing Producer: Tala Hadavi, Shawn Baldwin
Additional footage: Getty Images, Walmart
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Why Walmart Is Going After Wealthy Shoppers
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