As Inventory Issues Ease, Walmart’s Value Proposition Should Resonate in an Unsettled Economy

With unrivalled scale, prodigious procurement strength, a strong brand, and a growing e-commerce platform, we believe Walmart is the only American retailer that can compete comprehensively with Amazon’s retail offering. We expect shoppers will require retailers to offer a menu of fulfillment options for sales made through digital and physical channels, advantaging Walmart’s dense store network, deep vendor relationships, and established brand. While it has lifted sales, we do not expect the COVID-19 pandemic to materially alter Walmart’s long-term standing.