The CEO of Walmart, Doug McMillon, said that he understands how Walmart needs to constantly change to stay around and avoid dying off, according to CNBC.
âWalmart is not arrogant,â McMillon said. âWe could go away at any minute. I think most of us act that way every day. If youâre not willing to fail â and we are failing at some things â youâre going to go away.â
McMillon motivates himself with a photo on his phone that lists the top 10 retailers in the country over the last decade. He also keeps a copy of a Forbes magazine from the ’90s with a Walmart cover story that asks, âHas Walmart lost its magic?â
He added that âeverything is open to change.â
âRetailers come and go,â McMillon said. âItâs really simple: If youâre not meeting the wants and needs of the customer, youâre done. Thereâs not a lot of loyalty here.â
McMillon said that he understood that there was more work to be done in terms of the companyâs online business, even though its grocery sector is flourishing. The goal, he said, is to grow a larger pool of merchandise online to help make the venture profitable.Â
The CEO also admitted that the purchase of Jet.com âhasnât worked out exactly like we thought it was going to work out,â but that it did help to illustrate the digital needs of the company and âaccelerateâ its digital ambitions.Â
Jet.com, acquired in 2016, has been a sore spot for Walmart. Earlier this year, Walmart shook up Jet leadership, eliminating Simon Belshamâs roles as Jet president, and handing it over to Kieran Shanahan, who is also responsible for the companyâs online food, consumables and health-and-wellness divisions.Â
âI didnât understand how much of a digital transformation was needed [when I first started],â McMillon said. âThat is still underway.â