If the US economy needed some boost, then it got the dose in good measure at Bentonville, Arkansas, last Friday, when thousands of employees, shareholders and associates at Wal-Mart's annual shareholders meeting, chanted EDLP (everyday low price) and EDLC (everyday low cost), two of the retail giant's time-tested mantras for success.

At $419 billion in sales and $16.4 billion in net profits, Wal-Mart, the world's largest retailer, tops the Fortune 500 list. This even had Hollywood superstar Will Smith term the company Wil-Mart. Winking at Mr Rob Walton, the company's Chairman and the founder's son, Smith urged Walton to adopt him.

At a star-studded morning, 6 a.m. to be precise, at the University of Arkansas' stadium last Friday, Will Smith hosted Wal-Mart's annual shareholders meet, only to be interrupted by the American hip hop group Black Eyed Peas rocking tens of thousands of employees, associates, shareholders and analysts as they learnt about the course their company would take in the coming years.

The company CEO, Mr Mike Duke, stressed the company would continue to hold on to the low price offering that the founder Sam Walton believed in, while at the same time, look at making the company relevant in the global economy through increasing investment in emerging markets; support its e-commerce programmes and make sustainability a priority.

“I don't see any reason for size to be anything but an opportunity to grow more and provide more for people around the world,” said Mr Duke.

The company is ten times the size it was in 1992, the year Sam Walton passed away.

Recent reports that put Wal-Mart under a scanner said the company was feeling the squeeze of low margins thanks to low-price offerings.

The company chairman, Mr Walton, however, was upbeat at the annual shareholders meet as he told his stakeholders: “Wal-Mart will bounce back by keeping low prices. This is the heart and harmony of the company.”

Related Topics
comment COMMENT NOW