Wal-Mart Stores, Inc. (WMT) The Preferred Option For Millennials? Comes As A Welcome Surprise For The Discount Retailer
You may not believe it, but you have to. Wal-Mart Stores, Inc. (NYSE:WMT) is the preferred shopping place for the millennial generation. In a new report, published by InfoScout, millennials aged 24 years and below have been found to be more comfortable shopping from Wal-Mart stores. Commenting on the findings, Wal-Mart’s CMO, Stephen Quinn, acknowledged that the report has shocked many people, including those inside the company.
In the cutthroat retail competition, it is a remarkable achievement for a store to be seen to be loved by millennials. One would think that with so many store options for millennials to choose from, Wal-Mart Stores, Inc. (NYSE:WMT) wouldn’t be a name that quickly comes to mind.
Wal-Mart beats them
Wal-Mart is most preferred by millennials followed by Costco Wholesale Corporation (NASDAQ:COST), Trader Joe’s and Kroger Co (NYSE:KR). The store also beat Whole Foods Market, Inc. (NASDAQ:WFM) and Target Corporation (NYSE:TGT). The reason for Wal-Mart’s fame among young shoppers has been linked to its robust digital initiatives.
Wal-Mart’s Quinn noted that millennials are looking for one-stop shopping opportunities as other issues of life, such as relationships, demand their attention.
InfoScout’s report didn’t break out the products that millennials liked to buy from Wal-Mart stores. However, the study mainly focused on mass merchants and grocers. Analysts have cited that the ranking that placed Wal-Mart on top would have been different had the study focused on apparel.
Nevertheless, most of consumer spending goes on food and household staples. That explains why winning millennials on this front makes plenty of sense for retailers. Being in the hearts and minds of millennials provides Wal-Mart Stores, Inc. (NYSE:WMT) with an opportunity to build a long-lasting and loyal relationship.
Wal-Mart Stores, Inc. (NYSE:WMT) is enhancing its online presence and using other strategies to gain insight into the shopping interests of millennials to serve them better. The company has been able to discover new products and introduced them in its stores to entice young shoppers.
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