You won't believe what JUST happened to Walmart!
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The discount giant has received its first dip in revenue since its inception in 1996. Can the drop signify the beginning of the end?
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LOS ANGELES, CA (Catholic Online) - The digital age has marked a permanent shift in the way humanity perceives the world.
One smartphone allows access to bank accounts, restaurants, family across the globe, school assignments and more. Everyone is converting their physical companies into digital distribution centers, such as Amazon's business model. Costs are lowered and revenue rises - until a company hits the ceiling.
According to The Charlotte Observer, Walmart dropped $11.5 billion to build and remodel stores and to update its website and tech to better serve customers.
Despite the extra efforts, Walmart's sales dropped alongside the gas prices.
The company acknowledges "strategic investments" are required to support the "long-term health of the company," adding new stores and e-commerce capabilities will be utilized to spur growth.
With the majority of Walmart's customer base being people of the low and middle classes, signs that the company's failure is a clear indication that the economy is falling.
In an attempt to spur the flailing economy - and keep their business afloat - Walmart has released an app that includes a grocery pick-up program and offers a drive-thru so shoppers don't even have to get out of their vehicles.
Neil Saunders, an analyst at research firm Conlumino, stated: "For the past 10 years, Walmart appeared to be on the back foot in terms of rethinking its business model for this new landscape. And, as the evidence attests, the impact on it has been negative.
"Given that online is where the growth is, Walmart needs to play harder in that space if it is to retain its retail crown over the longer term."
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