One way WM is trying to boost its recent lackluster performance is to go upscale. Will it work?
Wal-Mart Stores has overcome its rural roots and downscale image to attract affluent shoppers in places like suburban Dallas. But executives admit many of those well-heeled consumers come only for cheap groceries and steer clear of the other merchandise. The nation’s largest retailer is opening a new store tomorrow — in Plano — with an expanded selection of high-end electronics. The store also will feature more fine jewelry, hundreds of types of wine ranging up to 500 dollars per bottle — and even a sushi bar. Arkansas-based Wal-Mart says it won’t duplicate this format anywhere else.
Ted Balaker is an award-winning filmmaker, journalist, and founding partner of Korchula Productions, a film and new media production company devoted to making important ideas entertaining.