By George Anderson
Lee Scott, president and chief executive officer of Wal-Mart stores, has a lot on his mind and he shared his concerns with an audience at the Little Rock Regional Chamber of Commerce's Fortune 500 luncheon this week.
Mr. Scott expressed concern about the impact higher energy gasoline prices may have on consumer purchasing. He rightly pointed out that a good number of Wal-Mart's customers could not afford to pay an additional $10 a week on gas. Money being spent there, he said, was not being used to shop at Wal-Mart or for leisure pursuits.
The Wal-Mart exec also expressed concern about the tone of the political debate in the country as we draw nearer the presidential election. According to the ArkansasBusiness.com, Mr. Scott said "the steady stream of negative ads could lead people to believe that the country is in terrible shape, with jobs flowing overseas and runaway unemployment. But that's not the reality."
Mr. Scott was hopeful that Democrats and Republicans could get together and solve the health care coverage crisis in the country. He defended Wal-Mart's commitment to providing affordable coverage to employees saying the company spends $2 billion annually on its plan.
Wal-Mart, said Mr. Scott, needs to be more aggressive in getting out its message that it is good for communities in delivering low prices and creating employment opportunities. The recent vote against the retailer in Inglewood, Cal., demonstrates the company has work to do in communicating its message to consumers, he said.
Moderator's Comment: Which of the concerns mentioned (or not) by Lee Scott in his speech do you think poses the greatest threat to Wal-Mart's growth arc?
Despite losing the Inglewood vote this week, Wal-Mart will still build upwards of 350 stores this year. - George Anderson - Moderator