Wal-Mart has been a symbol to millions of Americans of lower prices and good quality. They have become an intricate part of most neighborhoods, towns, and cities. Sam Walton’s vision of operating a retail store that would be able to compete with any local store and surpass them with great products and great deals won the world over.
Wal-Mart has a new face now and it’s not the same face that our parents came to depend on and love. Wal-Mart seems to have forgotten the very thing that made this power house what it was and that is low prices and great products. Many stores have followed along this same path. They became so large that they lost focus on how they got there. Many of these large retailers failed for the reasons listed below and Wal-Mart is following in their footsteps.
- Changing Trends. Many retailers lost their businesses because they were stuck in their old ways, even though their ways were not working anymore. Case in point-Blockbuster failed to see the expansion of Netflix and even missed out on the opportunity to buy them out. They felt that Netflix would never be able to compete with their stores. Look at them now, out of business. Wal-Mart isn’t paying attention to what customers want, Target is, and in the end we may see the landscape change and the symbol of the bullseye may rule.
- Forgetting their demographic. Wal-Mart used to be the place that consumers went for their grocery and clothing needs. If you have been in a Wal-Mart lately you will have noticed how much more their items cost. You may as well shop at the other grocery chains because their prices are the same if not lower than Wal-Mart. Remember Winn-Dixie, this is precisely what happened to them.
- Customer Service. Many shoppers remember the store greeters at Wal-mart. Their warm smiles and welcoming hello meant you were in the right place to be taken care of. There were associates walking around the store to help you out no matter what area you were in. Go to Wal-mart now and tell me how long it takes you to get some assistance. For that matter how long it takes to find an associate. That’s the kind of service that people came to depend on from Wal-mart.
Our expectations are quite simple when it comes to shopping. We expect great customer service and quality products at a fair price. Many stores are moving into the forefront of giving us what we want like Dollar Tree, Target, and even online retailers like Amazon. Even giants can fall, take heed Wal-Mart.