Greg Foran, in his eighth month as the new president of the U.S. division of Walmart, recently met with analysts to discuss his outlook for the company. The meeting, attended by more than 100 senior analysts was a disappointment since it was mostly just a review of basic merchandising and procedures. There were few hard facts, and I think that Mr. Foran is in awe at running 4500 stores – a fact he repeated several times. He did not project the impression of a strong, confident manager.
His theme was that he is proceeding slowly and cautiously to make changes. That is not what I expected, even hoped to hear, since it means his stores are a long way from a brighter outlook. Both from an operational and merchandising point of view the stores are in need of a new direction. I would ha...
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