In order to revitalize the sluggish U.S. economy, retail giant Wal-Mart Stores Inc. (WMT) has planned to spend $50 billion to buy more American-made merchandise in the next 10 years. The company also plans to hire more than 100,000 veterans in the next five years and help its part-time workers move into full-time positions.
Walmart, which is also the largest private employer, plans to provide jobs to every veteran who had been honorably discharged in the first 12 months off active duty. These veterans had served in Afghanistan and Iraq and have had a difficult time finding work for themselves after returning. Walmart, through this initiative, will offer jobs mostly in its stores, either in Sam's Club locations, or in its Arkansas based headquarters, or in the company's distribution centers.
To support the initiative further, the White House will meet with the Department of Veterans Affairs, the Department of Defense and major U.S. employers in the coming weeks to train and employ America’s returning veterans. First Lady Michelle Obama also showed her keen interest in working with Walmart supporting this initiative, which will begin on the Memorial Day.
Further, Walmart plans to give an option to its part-time workers to get much higher earning potential by transforming into full-time workers in the Walmart stores if they so desire.
In addition to hiring veterans, Walmart plans to spend $50 billion to buy more American products over the next decade. Walmart as well as other companies in U.S. have been facing macroeconomic headwinds from a long time. Moreover, overseas countries are also facing problems like high labor costs and increasing oil and transportation costs, which limit U.S. companies to produce goods outside U.S. Walmart, therefore, plans to focus on buying more in the categories of sporting goods, fashion basics, storage products, games and paper products, in order to revive the sluggish U.S. economy.
Walmart plans to provide jobs to every veteran who had has been honorably discharged in the first 12 months off active duty. These veterans had served in Afghanistan and Iraq and have had a difficult time finding work for themselves after their returning. Walmart, through this initiative, will offer jobs mostly in its stores, either in Sam's Club locations, or in its Arkansas based headquarters, or in the company's distribution centers.
To support the initiative further, the White House will meet with the Department of Veterans Affairs, the Department of Defense and major U.S. employers in the coming weeks to train and employ America’s American's returning veterans. First Lady Michelle Obama also showed her keen interest in working with Walmart supporting on this initiative, which will begin on the Memorial Day.
Further, Walmart plans to give an option to its part-time workers to get much higher earning potential by transforming into full-time workers in the Walmart stores if they so desire.
In addition to hiring veterans, Walmart plans to spend $50 billion to buy more American products over the next decade. Walmart as well as other companies in U.S. have been facing macroeconomic headwinds from a long time. Moreover, overseas countries are also facing problems like high labor costs and increasing oil and transportation costs, which limit U.S. companies to produce goods outside U.S. Walmart, therefore, plan to focus on buying more in the categories of sporting goods, fashion basics, storage products, games and paper products, in order to revive the sluggish U.S. economy.
The above mentioned commitments to increase domestic sourcing of the products it sells and help veterans find jobs shows Walmart’s dedication and leadership position to find innovative solutions to fix the economy.
Walmart currently carries a Zacks Rank #4 (Sell), while close peer Target Corp (TGT) is better-positioned with Zacks Rank #3 (Hold). However, other stocks in the variety store sector, which are attractive for investment are The Kroger Co. (KR) and Whole Foods Market Inc. (WFM) both of which carry a Zacks Rank #2 (Buy).
KROGER CO (KR): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
WHOLE FOODS MKT (WFM): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis Report
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