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ANGLIA RUSKIN UNIVERSITY

A Case Study of Wal-Mart

Student Name: Muhammad Atif

Student ID: 1230580

Module Leader: Dr. Noah Karley

Module: MOD001126

Year: 2013/14

Word Count: 4,074

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Table of Contents

1. Introduction ................................................................................................................................ 3

1.1. Company Overview ................................................................................................ 3

1.2. History .................................................................................................................... 3

2. External Analysis ........................................................................................................................ 4

2.1. PEST Analysis ..........................................................................................................4

2.2. MNC and Foreign Exchange Strategies .................................................................. 6

2.3. Modes of Entry into Foreign Market ...................................................................... 8

2.4. Cultural and Ethical Issues related to Wal-Mart ..................................................... 8

2.5. Competitor Analysis ................................................................................................ 9

2.6. Competitors around the World ........................................................................... 10

2.7. Analysis of industry competition .......................................................................... 12

3. Internal Analysis ....................................................................................................................... 13

.. Copas Fiaials .............................................................................................. 13 3.2. SWOT Analysis ........................................................................................................ 14

3.3. Factors that influence Wal-Marts Maageet ................................................... 17 4. Conclusion ................................................................................................................................. 18

5. References & Bibliography ....................................................................................................... 19

6. Appendix ....

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1. Introduction

1.1. Company Overview

Wal-Mart is well-known American company that operating retail stores including grocery stores,

discounts warehouse clubs and combination of general merchandise store. The Eer Da Lo Prie (EDLP) strategy makes Wal-Mart different from its competitors. The company divided into three

sections: a seget iside the U., as lu ad Iteratioal eget of Wal-Mart. In Fiscal year 2013, 58.89% total sales are considered by Wal-Mart U.S. which is the biggest segment, 29% from Wal-

Mart Iteratioal ad .% total sales fro as Club (Gough, 2013). The company sells electronic items, baby & kids clothing, video games, toys, fitness and sports instruments, jewelry, groceries and so

many other things. The annual revenue of the Wal-Mart is greater than the GDP of Switzerland (Brenner,

Eidlin and Candaele, 2006). Aordig to Fortues rakig, the nd largest company in the world is Wal-Mart by revenues almost $469.2 billion (Hayes, 2013).

1.2. History

The Store called Wal-Mart, founded in 1962 by Sam Walton along with his brother Bud in Rogers,

Arkansas. He was running a store already before opening the Wal-Mart aed Waltos Fie ad Die, hih as a frahise of Be Frakli. The e usiess odel of a Waltos as differet from other traders not only in terms of discount but he also focused on opening stores in small towns.

At the beginning he opened more stores in Arkansas but later he expanded Wal-Mart to Oklahoma and

Missouri in 1968 (Brenner, Eidlin and Candaele, 2006). In 1972, the company listed in the New York

tok Ehage NYE (Lorea, 2009). Walton group also introduced the as Clu arehouse store and opened other stores in Iowa, Nebraska and Indiana in 1983. During 1980s, the company rises

considerably by reaching $25.8 billion sales with almost 1,525 stores and 271,000 workers at the end of

the decade. The year 1992 was not good for the Wal-Mart as Walton died in this year and after 3 years

his brother and the co-founder of Wal-Mart Bud Walto also died i 995 (Brenner, Eidlin and Candaele, 2006).

In 1990s, Wal-Mart has considered as the largest retailer of the nation and it continued the

achievements by opening more stores within the country and outside the country. In Canada, the

company bought 122 Woolco stores and built three stores in Argentina and five stores in Brazil in 1995.

It penetrated in China all the way through joint venture in 1994. In Germany 1997, Wal-Mart acquired

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74-unit INTEPA hypermarket chain and the 21-store WETKAUF chain. Later on in 1998, the opa etered i Korea ith joit eture ad after oe ear it et to UK ad ought the UKs third largest groer hai alled ADA. The opa entered in Japan by buying a 36% stake of Seiyu in 2002 and Wal-Mart steadily increased its stake about 67% by 2007 (Brenner, Eidlin and Candaele, 2006).

According to fiscal year sales of Wal-Mart is about $469.2 billion in 2013 with 2.2 million workers

acquaintances worldwide and 11,000 stores under 69 banners in 27 countries (Walmart, 2013).

The reason of doing this assignment is to study the circumstances in which the company is operating.

We will critically analyze the Wal-Mart by examine the opas internal and external environment. In external analysis we will look at the foreign exchange strategies for multi-national corporations, modes

of entry into foreign market, cultural and ethical issues related to Wal-Mart and the competition that

the company is facing within the country and globally. To increase an understanding of Wal-Marts business potential and to know the future market, we will use different analytical models.

2. External Analysis

External environment can be estimated through PEST analysis. This tool is used to identify the business

size, positions, economics, growth, politics and the development or decline trend of the market.

2.1. PEST Analysis

Figure 1: PEST analysis of Wal-Mart

Political Economical

Social Technological

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2.1.1. Political Factor

To irease the opas footprit i Califoria i the ter of epadig puli oppositio, the controversial strategy has been used by Wal-Mart. According to a recent report in which, it is

mentioned that Wal-Mart have significantly raised their political contribution. Report states that

Wal-Mart has spent millions on state and local projects and over $17 million in federal elections.

More than 69% which accounted for $11.6 millions of Walton family and Wal-Marts contribution has gone to Republican candidates and committees. A member of Wal-Mart has

reported that Waltos fail is the rihest fail i the world; they are putting millions to their radical ideology and right-wing agenda instead of putting their money to increase wages for

Wal-Marts orkers (UFCW, 2013).

Furthermore, the political factor can negatively affect the Wal-Marts sales ad profits eause government can change the rules and the regulations at anytime which can be influenced Wal-

Mart directly. For example; the sale of Wal-Mart in February, 2013 was lower than the expected

due to delay in income tax refunds (Irwin, 2013). There are many issues which are difficult to

control by the firm such as; authority to work, health issues, war against terrorism and

geopolitical uncertainties. The sale of Wal-Marts globally can be influenced by those issues. Since to decrease working expenditure and gaining more profit Wal-Mart has operated in

different countries Such as; Germany, Canada, China, Mexico, UK and India. If these countries

face any political instability or any problem, it can reduce the market share of Wal-Mart (Alden

and Buckley, n.d.).

2.1.2. Economic Factor

Purhasig poer depeds o the Worlds eooi oditios. The management of Wal-Mart says that economic factor; both domestically and internationally might affect Wal-Marts financial performance unfavorably. In U.S and other outries higher fuel prie, eerg ost ad higher interest rate, inflation, weak housing market, unemployment rate, higher debt and

changes in tax law and overall economic slowdown could affect consumer demand for the

services and products selling through Wal-Mart stores. Others factors like higher transportation

cost, foreign exchange rate fluctuation, healthcare and insurance, and other economic factors

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can raise the cost of general and administrative expenses and harmfully effect the operations of

Wal-Mart (WMT 10-K, 2008).

Therefore, U.S has been planning to increase the number of superstores to raise the sales in U.S

stores and outside to get high returns from it in order to leverage their capital assets (Nyakreal,

2013).

2.1.3. Social Factor

Social fator plas a piotal role to akig a ustoers id. A Qualit fator alas has ee on forefront of Wal-Mart throughout the history which is why people thought that Wal-Mart is

the best place to go for shopping. Due to the social influence people who want one stop service

prefers Wal-Mart for shopping (Nyakreal, 2013).

2.1.4. Technological/Innovation Factor

The Company launched its 1st satellite network in 1987 which connects home office to every

single Wal-Mart store and clubs via video, data and voice communication (Brenner, Eidlin and

Candaele, 2006).

At current situation Wal-Mart is more innovative and productive company, and its supply chain

and logistics management is more successful now than before. In terms of technology, Wal-Mart

is far away from its competitors. The modern technology is using by Wal-Mart for the purpose of

marketing and selling its product (Manjoo, 2012).

2.2. MNC and Foreign Exchange Strategies

Multinational companies trade across the borders in order to maintain supply and demand of their

produts gloall. This leads the to fae foreig urre risks due to hih MNEs eroll theseles into foreign exchange strategies. China is one of the prominent examples where international trade

takes place.

A giant retailer like Wal-Mart requires to foreign exchange market for given reasons:

To refurbish stores, build new stores or expand stores in a particular state. To purchase cheaper products in different currency and then sell that goods in U.S at low prices by adding small margin to compete its competitors. To hire employees by paying in local currencies.

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To gain more profit from foreign market

Lets take the Chinese currency, Yuan renmimbi as an example to demonstrate the impact of foreign currency. Wal-Mart imports from China and the intense pressure of exchange rate

fluctuations results in exchange gains and losses both to the customer and supplier. Chinese

Yuan is currently pegged at 6.8 Chinese Yuan to 1 US Dollar (2010 figures) and is a major point of

controversy between U.S manufacturers and trade groups. Chinese supplier faces negative

foreign exchange risk in supplying goods to Wal-Mart by the revaluation of Chinese Yuan or vise-

versa (Jan, 2010).

Wal-Mart often requires fixing its currency exchange rate in purchasing contracts with Suppliers

of China to manage the currency concern. In terms of fixing the currency exchange rate will lead

Wal-Mart to lock its product costs and profitability. So, by using this kind of strategies Wal-Mart

can protect itself to increase in the value or unexpected drops of the RMB and U.S dollar

(Carpenter and Dunung, 2011).

Wal-Mart also hedges a portion of foreign currency risk by entering into currency swaps and net

investment hedges in order to hedge against foreign exchange rate variations exposure

associated with the potential payments of principal plus interest of non-U.S. denominated debt.

Fair Value of all of these swaps was an asset of $313 million in 2012 and $471 million in 2011.

Any fluctuations in the foreign currency rates results in exchange gains and losses underlying

these swaps. Wal-Mart has faced $67 million and $74 million exchange gains and losses in 2012

and 2011 respectively. In addition to swaps, approximately GBP 3 billion debt in 2012 was

hedged against net investments in United Kingdom. Again, any increase or decrease in British

Pounds against US Dollar results in exchange gains or losses. Similar applies to Wal-Marts trade in Japanese Yen; 10% fluctuation of US Dollar against Japanese Yen have resulted in exchange

gains or losses of $328 million in 2012 and $533 million in 2011(Wal-Mart Annual Report, 2012).

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2.3. Modes of Entry into Foreign Market

Table 1: Methods of Entry into International Market

Strategies

Countries

Joint Venture Wal-Mart entered in Mexico by using the strategy of joint venture with its local player, CIFRA, who was

the largest player in Mexico. The reason of joint venture is to understand the market of Mexico. CIFRA helped Wal-Mart to

understand the culture, helped Wal-Mart to work

with home authorities and providing supplier

connections to Wal-Mart (Mun, n.d.).

Acquisition In 1994, the company entered in Canada through Acquisition by buying the 120 stores of Woolco

Discount retailer.

Wholly Owned Wal-Mart has set up wholly owned subsidiary in U.K. The company acquired Asda in 1999 (Corporate

Watch, 2004).

2.4. Cultural and Ethical Issues related to Wal-Mart

Ethical Issue

Wal-Marts orporate goodill has ee ruied due to: Failure to provide better workplace for its employees. Litigation suit and gender discrimination low wages as compared to other corporations Illegal workers mopping the floor

These are some of the examples that Wal-Mart has always been criticized for. Some say that there is an

evil company in Arkansas. The company can do anything to get higher market profit (Seglin, 2004).

Cultural Issues

Cultural differences are the main reason of failing Wal-Mart in Germany and in South Korea.

In America the employees offering to bag groceries for customers but in Germany people did not like because they prefer to do it by own.

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Second reason to fail in Germany is that the workers instructed by the management to smile at customers but in Germany, people thought the smiling workers were flirting with them. In Korea, people normally have short heights. Wal-Mart opened stores with huge shelves due to which people have to use ladders in order to reach the top shelves.

These are some of the cultural issues for the failure of Wal-Mart in Asian Countries. Other issue was that

people in Korea prefer to buy foods and drinks, where as Wal-Marts as foused i eletrois, according to business week (Lutz, 2013).

2.5. Competitor Analysis

In terms of market share it s ot possile to other disout retailers to opete ith Wal -Mart but it does not mean that there is no competitor in the market. There are so many competitors in

domestically and internationally because of Wal-Marts gigati diersifiatio. It is difficult to find out one exact competitor. According to market Wal-Marts opetitors a e suarized as: Local Competitors (Direct and Indirect) and International competitors.

2.5.1. Direct & Indirect Competitors by Domestic Region

Costco and Target is the direct competitor of Wal-Mart in local market and they are the more significant

threat to the market share of the Wal-Mart. Costco is the largest discount wholesaler which can

opete ith the as Clu of Wal-Mart (Gough, 2013).Target can be the biggest threat in terms of competing with Wal-Mart in all levels. The low price strategy followed by the Target is the same strategy

which is Wal-Mart using. Target is gaining recently more market share by adding more grocery options

in stores and expended its stores internationally (Gough, 2013).

Table 2: Direct & Indirect Competitors by Domestic Region

Market Cap Revenue (ttm) EBITDA (ttm) Net Income (ttm)

Wal-Mart $251.51B $469.16B $36.30B $17.00B

Direct Competitors

Costco Target

$46.17B $44.16B

$103.13B $73.30B

$3.87B $7.51B

$1.96B $3.00B

Select Indirect Competitors

Dollar Tree Dollar General Family Dollar

$10.55B $16.49B

$6.88B

$7.39B $16.02B

$9.60B

$1.10B $1.96B

$915.37M

$619.3M $952.66M $422.17M

Source: Student Investment Management Analyst Report: Initiating Coverage

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According to Indirect competitor, Dollar tores ould e the threat of Wal-Mart Copas market share because of the recent success of Dollar tores suh as Dollar Tree, Dollar Geeral ad Fail Dollar but the fact is they cannot compete with Wal-Mart because these competitors are small in size

ad dot hae the potetial to proide the sae series and products as Wal-Mart (Gough, 2013).

2.5.2. DuPont Analysis

According to DuPont Analysis; Wal-Mart has the highest net margin of 3.62, financial ratio of 2.8 and

asset turnover is 2.39 and the company is generating the highest ROE (22.53) as compared to Target and

Costco (Stone, 2013).

Figure 2: DuPont Analysis

2.6. Competitors around the World

There are many International competitors available in the market but we are only looking at some main

competitors of Wal-Mart.

Source: Morningstar

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Table 3: Wal-Marts Market Growth with Iteratioal Copetitors Companies Countries Revenue International Growth Domestic Growth (2010 to 2015) (2010 to 2015)

Wal-Mart United States $469.1B 9.8% 2.7%

Carrefour France $112.6B 7.7% 3.2%

Tesco U.K $96.8B 10.5% 5.9%

Metro Germany $90.5B 7.4% 1.6%

Source: Forbes/Successful Global Growers

These four retailers are actually expending more stores globally. Wal-Mart is the biggest in terms of

revenue as compared to its competitors. By comparing the rest of three retailers Carrefour is on 2nd

number after Wal-Marts sales. However, in terms of compound annual growth rate, U.K is increasing by 10.5% internationally and 5.9% domestically (Loeb, 2013).

2.6.1. Overall International Market Growth

The company is enjoying notably from its operations almost everywhere except Japan. In Chine, Wal-

Mart has reasonable increase in market share and almost doubled their revenue growth (Stone, 2013).

Figure 3: Wal-Mart Growth with International Market Growth

Source: NYSE: WMT

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2.7. Analysis of industry competition

Here five competitive forces by Michael Porter are using to distinguish the competition in the given

industry as seen below in figure 4. This tool will help to know the Wal-Marts apait to compete in given market

Figure 4: Five competitive forces of Michael Porter

2.7.1. Rivalry among existing competitors

If there are a few competitors in the industry then rivalry can be weak but many competitors will lead to

increased competition and shrink market attractiveness. In Wal-Marts ase the opetitio stas moderate eause of opas ailit to epad its products and operations (Hilaire, 2012).

2.7.2. Bargaining power of suppliers

There are some reasons when suppliers are more powerful such as; in market there are few substitutes

available, supplier product is unique or most effective, and switching cost from one to another supplier

is high. Wal-Mart holds a greater part of market share and suppliers know that, so the power of

suppliers is low in Wal-Marts ase (Anon, 2009).

Rivalry among existing

Competitors

Threat of Substitute Products

Bargaining Power of Buyers

(Customers)

Threat of new

Entrants

Bargaining Power of Suppliers

Source: Harvard Business Review

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2.7.3. Bargaining power of buyer

If the products are not differentiated then buyers can switch to another retailer as buyer seems to be

more prices sensitive. If the products are similar then the buyer will compare the price among suppliers

which increases the competition and lead to lower prices and profits. Wal -Mart offers a wide range of

produts ith the strateg of Eer Da Lo Prie that appeal to large audiee (Mallon, n.d.).

2.7.4. Threat of new entrance

If the arrier to etr is redued i arket the the threat of e etrats increases. It is usually more costly for new firms to enter in high barrier industries. Wal-Marts rad image is too strong and it is very difficult to enter the market for new born firm. However, if the firm enters in the market then it

will find difficulties to exist in the market (Mallon, n.d.).

2.7.5. Threat of substitute product

Customer mainly influenced by low prices. Therefore, if cost of switching the product is low then threat

of substitutes is higher. Normally, there are three factors that can influence the customer to switch the

product such as; willingness of buyers to switch the product, performance and price. On the other

hand, if the buyers become loyal to the products then threat of substitute can be decreased (Campbell,

2002). In Wal-Mart Eer Da Lo Prie strateg keeps customers in touch with the company (CGMA, n.d.)

3. Internal Analysis

.. Copays Fiacials

The financial performance of Wal-Mart is presented at the end in Appedi.

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3.2. SWOT Analysis

This model can help to evaluate the market position of the company through its strong operating

perforae. We ill also idetif the opas strengths and opportunities which have also increase the investors ofidee. However, the extreme competition can affect the opas argi.

Table 4: SWOT Analysis of Wal-Mart

3.2.1. Strength

1. Scale of operations. The strong market position is the main strength of Wal-Mart with more

than $400 billion revenue and almost 11,000 stores worldwide ad osuers trust that differentiate Wal-Mart from its competitors. Wal-Mart can also achieve higher profit because of

its huge size and it has a strong buyer power on suppliers to trim down the costs as compared to

competitors (Anon, 2013).

Source: Strategic Management Insight

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2. Competence in information systems. The one reason of Wal-Marts suess is its uppl Chain and Logistics management. The company is saving significant cost by using its information

system properly that managed inventory level, orders, sales and other information. Any

information can be easily accessible at each store at any time (Khade and Lovaas, 2009).

3. Wide range of products. The company is offering broad range of both branded and own label

products to attract its customers. Wal-Mart sells health and wellness, entertainment, clothing,

home and grocery related goods under different categories (Novellino, 2013).

4. Cost leadership strategy. Everyday low price strategy makes different to Wal-Mart from its

competitors. Wal-Mart built different discount stores and selling goods at low cost as much as

no other competitor can do. Low cost strategy has helped Wal-Mart to become leader in the

Market (Gough, 2013).

5. International operations. Wal-Mart has expended its store Worldwide and the company is

also looking to open more stores in different countries in upcoming days. According to one

study, Wal-Mart earned $135 billion in sales in 2013 from its international stores, which will be

grow more faster after opening more stores (Jurevicius, 2013).

3.2.2. Weaknesses

1. Labor related lawsuits. Wal-Marts orporate goodill has ee ruied due to its failure to provide better workplace for its employees. Poor work conditions, voluntary overtime work,

gender discrimination and litigation costs are some of the examples that Wal-Mart has always

been criticized for. This has resulted in the company to pay million dollars of penalties and

lawsuits every year (Farfan, 2013).

2. High employee turnover. Wal-Marts eploee turoer osts are heaily increased due to high employee turnover. It has to incur a lot of expenses for employee on-the-job training and

recruitment expenses; the main reason behind these expenses is low skilled labor and low

wages jobs (Ungar, 2013).

3. Negative Publicity. Wal-Marts has alas ee ritiized for its poor praties suh as inducement and poor work conditions for employees. Several lawsuits against the

company have damaged its brand image; therefore negatively publicized (Jurevicius,

2013).

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3.2.3. Opportunities

1. Retail market growth in emerging markets. The company plans to raise its sales by 5 to 7

percent in next year. According to CEO of Wal-Mart International, the company will make

balance in existing market and through acquisitions will enter higher growth and large markets

(Walmart, 2013).

2. Rising acceptance of own label products. The company has a potential to earn higher profit

margin through increasing the sale of their own private label products at its stores. However,

over the last 10 years, the sales of private label product have increased by 40% (Chittock, 2013).

3. Online shopping growth. In the first quarter of the year, the online sale of Wal-Marts gre by 30% and in March the total sale was about 9 billion. However, it is reported by the company

to expand its sales around the world through its e-commerce operations (Davis, 2013).

3.2.4. Threats

1. Increasing competition from brick and mortar and online competitors. Best buy is also

plaig to start ae da hoe delier optio like Wal-Mart and some other competitors like Target, Tesco and Amazon are also trying to reduce differences among Wal -Marts pries that the company enjoys. The company is not so much different from other low cost seller which

will increase the competition in future (Ball, n.d.).

2. Increasing resistance from local communities. According to one market analysis report,

says that when Wal-Mart opens new store to any particular area, then some local retailers are

usually forced to close off their operations. Due to this circumstance Wal-Mart faces strict

resistance from communities and retailers which is becoming more difficult for Wal-Mart to

open new stores (Catala, n.d.).

3. Rising commodity product prices. Due to increase in manufacturing cost lead the Wal-Mart

to raise its product/commodity prices which is reducing the profit margins of Wal-Mart and

down the competitive gain (Jurevicius, 2013).

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3.3. Factors that influence Wal-Marts Maageet In domestic market the strategies which are using by

Wal-Marts aageet are BCG atri ad Porter s generic model. But to knowing that how does Wal-Mart

make a decision to enter a new market globally and how

many chances are available to succeed in that market.

Cathy Smith, CFO and executive vice president of Wal-

Marts strateg aker talks aout the fators that influence and challenges of entering a new market (FDE,

2013).

Cathy smith works with neighboring partners globally to

make more efficient procedures of Wal-Marts arket to serve customers around the globe from Europe to South

Africa and Latin America to China. She said by looking

that what market is suitable for expansion, the factors that influencing the senior managers in

international market and the filters that we use to focuses are as follows:

3.3.1. Factors:

Cathy said first we focus on how much risk is there? Then we sort out our ability to capture market by using market trend. She said customers are the most important assets for Wal-Mart, due to this management looks at partiular arkets here there is a eergig osuer eause the Copas issio is to save people money for their better living standard.

Smith said to know the above mentioned points, the management do a lot of research by using the

strategies given below;

3.3.2. Strategies:

Market Research (Enter organically or through Acquisition) Competitor Analysis Quantitative Analysis

Cathy Smith, CFO and executive vice-president of strategy at Wal-Mart International.

Source: Finance Director Europe

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Raising the level of retailing ---- Buy or Build? Economies of Scale Smith said, Wal-Marts aageent team do a lot of research before enter into the market. The company sends the small team to the market to spend most of the time in market and learn from

competitors and to look the trend of customer that helps managers to understand the market. The team

will typically do a competitor analysis and quantitative analysis by research and simple sampling. Once

the team done the research then the company decided to enter organical ly by opening new stores or

enter through acquisition. For example; In UK, the company acquired the 3rd

largest hai ADA ut i china the company has grown organically by opening stores in poorly areas to serve people in a big scale

(FDE, 2013).

According to Smith, in china there are 1.35 billion people; most of them are from middle classes. So,

there is a chance of Wal-Mart to grow more by 7-8%. The company just stated that in the next three

years Wal-Mart will open 100 new stores in China that will provide 18,000 jobs (FDE, 2013).

4. Conclusion

This research has demonstrated the retail idustrs major problems but also assessed Wal-Marts overall performance in terms of its defined respective strategies and objectives and the way these have

been executed. The low cost strategy of the company attracts more customers towards the Wal -Mart

which increases the profit margin. In addition, the company has satisfied its customers need through

offerig a ide rage of produts hih redues the risk of ustoer s turoer.

The Company is well placed and it has the ability to control the major part of market share. It has

expanded many stores worldwide and still planning to open more stores. Every year the company finds

more ways to satisf their ustoer s eed.

To conclude, Wal-Mart has developed a great workplace environment which full of competition, self

improvement and respects that differentiate the company from its competitor.

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5. References & Bibliography

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[Accessed 24

Nov 2013]

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Available at: [Accessed 30 Nov 2013]

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24 Nov 2013]

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Chittock, M., 2013. Rise of the supermarket own brand. [Online] Available at:

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[Accessed 27 Nov 2013]

Courser, Z., 2005. Wal-Mart and the Politics of American Retail. [Online] Available at:

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Davis, D., 2013. Wal-Marts olie sales gro ore tha 3% i Q. [Online] Available at: [Accessed 26

Nov 2013]

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Farfan, B., 2013. Another Day, Another Walmart Class Action Employee Lawsuit - How U.S. Retail

Employment Is Defined By Wal-Marts Ethis WMT, RAD, WTSL. [Online] Available at: [Accessed 30

Nov 2013]

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Hayes, F., 2013. Walmart Is Now The World's Second-Biggest Company, Says Fortune. [Online] Available

at: [Accessed 21 Nov 2013]

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[Accessed

01 Dec 2013]

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[Online] International Academy of Business and Economics. Available at:

[Accessed 30 Nov 2013]

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[Accessed 17 Nov 2013]

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Lutz, A., 2013. 4 Countries That Wal-Mart Has Failed to Impres. [Online] Available at:

[Accessed 25

Dec 2013]

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[Accessed 25 Nov 2013]

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[Online] Availble at: [Accessed 22 Nov 2012]

Mun, l.Y., Yazdanifard, R., n.d. WALMART SUCCESS IN MEXICO, CANADA AND CHINA: GLOBAL

EXPANSION, STRATEGIES, ENTRY MODES, THREATS AND OPPORTUNITIES. [Online] Available at:

[Accessed at 23 Nov 2013]

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6. Appendix

6.1. Income Statement of Wal-Mart