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☆ Walmart's metaverse experiments aim to attract 'younger evangelists' from generations Z and Alpha, experts say. Others warn it may be a lot of effort for limited returns.
▼ + stars: | 2022-10-13 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart's launch of its virtual-reality experiments with global gaming platform Roblox is a "game-changing moment" for the retailer, according to Justin Lacche, a metaverse consultant. But, more importantly, the experiments will help Walmart connect with the younger consumers it wants to attract. About half — 45% — of Roblox users are under the age of 13. Roblox is not the metaverse, it's more of a gaming environment, but it is a stepping stone to the metaverse." Have you tried Walmart's metaverse experiments or have insights to share on the projects?

☆ Walmart is laying off 1,500 workers, transforming a warehouse as it tries to compete with Amazon's marketplace
▼ + stars: | 2022-10-11 | by ( Ben Tobin | ) www.businessinsider.com time to read: +4 min

Walmart is letting go of nearly 1,500 workers at one of its fulfillment centers in the Atlanta area, with the company repurposing the e-commerce facility to support third-party sellers. A Walmart blog post published on Monday said the company will turn the fulfillment center into "a dedicated facility supporting our growing Walmart Fulfillment Services (WFS) business." The company launched Walmart Fulfillment Services in 2020 to allow third-party-marketplace sellers to ship and store products using the retailer's warehouses. For comparison, Amazon said it has nearly 2 million third-party sellers on its marketplace. Yarbrough said Walmart may convert more fulfillment centers to focus on WFS as the company attracts more third-party sellers to its marketplace.

Steve Ahern, KB PartnersSteve Ahern is a partner at KB Partners. Tixologi and its investors, including KB Partners, think blockchain is the answer. When used for ticketing, it can prevent counterfeiting by letting fans easily trace back to see if a ticket is authentic. While sports is a natural first market for Tixologi, Steve Ahern, a partner at KB Partners, said there's significant room to expand. "Real has done a very solid job developing a platform that keeps fans engaged around the most exciting moments in sports," Ahern told Insider.

☆ Walmart's leading position in grocery provides 'bupkus' in profit. Analysts say the retailer needs to do more to succeed in the high-margin furniture space.
▼ + stars: | 2022-09-26 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Walmart became the largest food retailer in the US in 2001 with grocery sales raking in $56 billion. Today the retailer mixes sales of high-margin items like electronics and furniture with those same groceries. But times have changed, particularly for the value-conscious customers Walmart caters to. While net-profit margins for furniture items sold in the US can be as high as 50% to 60%, according to analysts, that total usually hovers around 1% to 3% for grocery items. He did not specify how much Walmart earned in revenue or profits from furniture sales in 2021.

☆ Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.
▼ + stars: | 2022-09-20 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

In January last year, the retailer said it was pursuing a partnership with venture-capital firm Ribbit Capital, which backed Robinhood. The next month, Walmart lured Omer Ismail and David Stark, two executives from Goldman Sachs' Marcus, over to work on a fintech initiative. Insider's Ann Gehan, Carter Johnson, and Ben Tobin have identified the key people shaping this effort at its fintech called ONE. Done deals :Acrisure, a fintech company that operates an insurance broker and real-estate services company, has acquired B2Z Insurance. Aditxt, a biotech company developing tech around monitoring the immune system, raised $20 million after selling 3.33 million shares on Nasdaq.

Leadership has come to ONE from firms like Goldman Sachs, Apple, and Lyft. Meet the 13 key leaders manning the helm of ONE, from C-suiters to product-and-engineering talent. Legacy banks are also increasingly responding to the threat from fintech startups with varying levels of success. From JPMorgan Chase and Bank of America to Marcus, top financial firms have revamped digital offerings throughout the pandemic and emphasized tech-forward approaches. The departures of key executives leading these changes, then, can have consequences for incumbent players.

☆ Footwear startup Gales nears $4 million raise in a bid to become the Nike for nurses and doctors. 'What Nike has built for the athlete we're looking to build for the standing professional.'
▼ + stars: | 2022-09-15 | by ( Matthew Kish | Ben Tobin | ) www.businessinsider.com time to read: +5 min

"What Nike has built for the athlete we're looking to build for the standing professional," he told Insider. It raised a $2.1 million round in September 2021. Kizik, which makes slip-on sneakers and is backed by Nike, raised a $20 million round, and Hilma, which makes running shoes for women, raised a $3 million round. Courtesy GalesA $434 million market rife with opportunityAccording to NPD Group, the market for "occupational footwear" increased by 28% in 2021, to $434.4 million. He also founded and exited the footwear brand Rob McAllan, which sold dress shoes designed to perform more like sneakers.

☆ The CEOs of Walmart and Target are warning of surging theft. Here's how a CVS exec said thieves steal $2,000 from stores in just 2 minutes
▼ + stars: | 2021-11-02 | by ( Hannah Towey | Ben Tobin | ) www.businessinsider.com time to read: +5 min

Heads at Walmart and Target have both warned that retail theft is higher than usual in 2022. CVS Health's director of organized retail crime investigations testified to Congress in 2021 about the topic. These comments come one year after Ben Dugan, the director of organized retail crime and corporate investigations at CVS Health. Organized retail crime-related events have been reported in a CVS Pharmacy store every three minutes, Dugan said at the time. "Let me just be clear about what organized retail crime is not.

☆ How Walmart CEO Doug McMillon went from unloading Walmart trucks as teen to earning $25.7M in total compensation
▼ + stars: | 2021-06-26 | by ( Hannah Towey | Ben Tobin | ) www.businessinsider.com time to read: 1 min

"My optimism is higher than it was at the beginning of the year," McMillon said on a post-earnings call in May 2022. "In the US, economic stimulus is clearly having an impact." McMillon's optimism has the numbers to back it, with fiscal 2022 earnings expected to increase by high single digits. Walmart CEO Doug McMillon. Drew Angerer/Getty ImagesSource: ReutersMax Nissan contributed reporting to an earlier version of this article.

☆ Meet Lukas Walton, the fiercely private heir to the Walmart empire who has donated millions from his fortune to find solutions to environmental problems
▼ + stars: | 2020-02-20 | by ( Ben Tobin | Ryder Kimball | ) www.businessinsider.com time to read: 1 min

On the foundation's work, Lukas recalled that "one of the first grants that we did back in the day was help to develop a sustainable fisheries label. That to me, was a shooting star, was a golden emblem of what would be a successful marketplace development." The Walton Family Foundation has focused their efforts on the places that support humans. Walton Family Foundation/YouTubeSource: Walton Family Foundation

The Walmart heirs' combined worth is more than $230 billion, according to Bloomberg. The family grants money and resources to support education, environmental efforts, and their home community through the Walton Family Foundation. In public, the Waltons live pretty modest lifestyles despite their wealth. Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died. He wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now.

Not advertisingJohn Gress/ReutersCostco has gained an army of followers by keeping costs as low as possible. Wine costs 20% less than most wine stores, meaning customers save $5 to $12 on every bottle. Because Costco keeps costs so low, the company operates with thin profit margins. Costco saves an estimated 2% a year in costs by not advertising, allowing the company to reinvest that money in slashing prices. "Other than sending out direct mail to prospective members, and sending coupons to existing members, Costco does no traditional marketing at all."

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