When a Wal-Mart Family Business Hits the Wall: A Wal-Marts Response to a Wall Street Investor
Posted On July 24, 2021
The family business of Walt Wal-Man has been a part of the fabric of American life for more than a century.
But the business has never been the same since the financial crisis of 2008.
“It’s hard to believe that it’s over, because it’s been a very strong company,” says Steve Walman, whose family-owned chain of grocery stores and convenience stores has grown from a handful of locations in the mid-1960s to more than 1,500 in 2015.
“We’ve grown and thrived, and now we’ve grown to have over 3,000 stores in 45 states.” “
The company’s done very well,” he says, adding that it has survived the recession and the Great Recession.
“We’ve grown and thrived, and now we’ve grown to have over 3,000 stores in 45 states.”
Wal-Lives company chief executive Steve Wal-Men on a recent trip to Europe.
“People don’t know that we’ve survived this crisis,” he said, adding he was “thrilled” with the strong growth the company has enjoyed.
Wal-Walm says its revenue grew by $3.5 billion last year, up from $2.8 billion in 2015, largely thanks to the increase in its family-oriented businesses.
The company also saw an average increase in profits of 10 percent.
“This is an amazing time to be a family business,” says Wal-Walt.
“I love being a family owner, and I’ve got a good relationship with my family, and that’s really a reflection of the people I’ve worked with.”
But Wal-man is not the only one taking stock of the challenges the family business has faced.
While the company’s growth has been solid, it has had to adjust to changing demographics and shifting consumer habits.
The business has been hit harder by the recession than the rest of the industry, but it has been able to survive it and its growth.
“If we can manage to grow the business in a way that keeps our core brands alive and we can be more competitive, we have a great future,” says the Wal-Martin chief executive.
He says he and his team have worked hard to make sure the business continues to grow and adapt to changing consumer tastes.
“What’s important for us is to be the best we can, because the longer we wait, the longer people have to wait,” he adds.
“That’s a really hard thing to do.
We’re not going to let anything take away from our commitment to our family.”
And he says the company is working to help its families, particularly its own.
“Our families, they’re the ones that keep us going.
They’re the people that are going to pay the bills,” he notes.
The challenges for Wal-mart Family Business are not unique to Wal-walm.
Since the financial crash of 2008, there have been multiple large family-friendly businesses that have been hit hard by the downturn.
“You can’t be successful in a business if you’re a family company.
That’s the reality,” says Bob Lagesse, chief executive officer of the family-focused retailer Wal-Tec.
Lagessel has had many different challenges over the years.
First, there was the company that he started, Lagess Family Pharmacy, in the 1970s.
“And I’ve seen so many businesses fail,” he explains.
“Then I went into real estate and it was like, OK, we can’t do this.
It’s not a big company, but we have the resources to get it done.” “
At that point, we started to look around for a different way to manage the business, and Wal-marts is a great example.
It’s not a big company, but we have the resources to get it done.”
In fact, Lampsse says, Wal-tec had to hire several people to manage and run the family businesses, adding they are now in a position to help them with the transition.
But Lagese says the family is still a great success story.
“Wal-malls are a great business,” he continues.
“They’re family-sustaining, family-supporting.
And I think our success is due to our families.”
And despite the challenges, he says Walmarts business is still strong.
Lageses family business is one of several family businesses that are now experiencing the impact of the economic downturn. “
So if you can understand how our business is working, and understand how the family can continue to provide for the family, then you’re going to be successful.”
Lageses family business is one of several family businesses that are now experiencing the impact of the economic downturn.
He notes that his own family has also been hit