Why Walmart Is Going After Wealthy Shoppers

Walmart is known for its low prices and no frills approach. So it may come as a surprise that wealthier shoppers are helping to fuel the retailer’s growth. For more than two years, the discounter has noticed more customers with six-figure incomes shopping on its website and in its stores. Households earning more than $100,000 made up 75% of the company’s market share gains in the fiscal third quarter, Walmart CEO Doug McMillon said on the company’s earnings call in November. Chapters: 0:00- 0:29 Introduction 0:30 - 1:49 Chapter 1 What is going on? 1:50 - 3:02 Chapter 2 How did it happen? 3:03 - 5:33 Chapter 3 What does it mean? Reporting by: Melissa Repko Edited by: Andrea Miller, Nic Henry, Darren Geeter Shot and produced by: Natalie Rice Senior Managing Producer: Tala Hadavi, Shawn Baldwin Additional footage: Getty Images, Walmart