Newspaper article THE JOURNAL RECORD

Wal-Mart Exec Speaks at University of Tulsa Luncheon; Charts Growth Overseas

Newspaper article THE JOURNAL RECORD

Wal-Mart Exec Speaks at University of Tulsa Luncheon; Charts Growth Overseas

Article excerpt

In many ways Douglas McMillon sees his job as advancing Sam Walton's vision.

Walton received the Presidential Medal of Freedom in 1992, just a few months before his death. Although the company's international operation remained in its infancy, Walton told then-President George H.W. Bush he wanted to help lower the cost of living around the globe.

"We'll give everyone the opportunity to see what it's like to save and to do better and have a better lifestyle," said Walton.

McMillon, president and chief executive of Wal-Mart International, played that video clip Tuesday while opening the 26th year of University of Tulsa Friends of Finance Executive Series luncheons. McMillon said Walton's comments set the foundation for the Wal-Mart Stores mission: to help customers save money and live better.

While its efforts bore fruit in developed countries like the United Kingdom, Japan and Canada, McMillon said Wal-Mart International also drew strong success in developing countries China, India, Brazil, Chile and Argentina.

In many cases McMillon said Wal-Mart's organizational structure also improved the safety and health of those Third World citizens, offering modern, verified products to sometimes questionable old- world alternatives.

His operation now oversees more than 4,000 stores in 14 countries operating under 54 brands, their revenues topping $100 billion a year. That represents about a quarter of Wal-Mart's total revenue.

That Third World focus promises tremendous growth going forward. Even in the face of this global recession, McMillon quoted Global Insight data that suggested China's gross domestic product could surge from $8 trillion in 2008 to $25.6 trillion in 2020. That could eclipse the United States, which Global Insight predicted would grow from $14.4 trillion in 2008 to $23.2 trillion in 2020. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.