News Update: Wal-Mart Stores, Inc. to Widen Price Gap & Delve into Tech & Mobile Markets

Wal-Mart Stores, Inc. (NYSE:WMT) CEO Mike Duke said Friday that he is "optimistic" about plans to continue to widen Wal-Mart's price gap to stay on top of rivals.

"Retail will soon enter an era of price transparency. Wal-Mart must widen the price gap," said Duke during the retailer's annual shareholder meeting, which proved to be a star-studded event that was hosted by actor and singer Jamie Foxx, and featured performances from singers Mariah Carey and Josh Groban.

Duke said that technology will play a large role in Wal-Mart's new growth strategy.

Duke mentioned that the mega-retailer will take an in-depth look at mobile technology in the U.S., as well as its growth potential in developing countries, and will aim to give customers a wider selection of technology-based products in-stores and online.

"Building the best website is just as important as getting our store format right," commented Duke.

Wal-Mart's online traffic rose over 15% in 2009 to more than 1 billion visitors; online sales for the retailer have increased as well through website-to-store pick-ups and from a higher amount of home deliveries.

Shares of Wal-Mart are trading down 1.91% Friday afternoon at $50.73.

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News & Politics

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