公司报告－零售海啸WalMart(沃尔玛）（德勤咨询）（英文版）

ADeloitteResearchViewpointWal*MartcomestoJapanRETAILTSUNAMI?DeloitteResearchIncreasingly,theworldofretailingisbecomingWal*Mart’sworld.Itisoneofthemostglobalretailersintheworld,operatingin11differentcountries,withmultipleformats,alltiedtogetherbyastate-of-the-artretaildistributionsystemknownasRetailLink.ThisreportexaminesthesourcesofWal*Mart’scompetitiveadvantageandthechallengesitfacesingoingtoJapan.Wal*Mart’sacquisitionofSeiyuwasagreatbuyandthefirststepinwhatwillbealongprocessoftransformingthecompanyandmostlikely,Japaneseretailing.Firstandforemost,theWal*Martisaconsolidatorofbothretailersandsuppliers.ThishashappenedintheUS,Mexico,CanadaandmostrecentlyintheU.K.AsWal*MartexpandsinJapanitwilldriveretail,wholesalerandsupplierconsolidationinthatcountry.Wal*Martupgradestheretailingexperiencebyforcingbusinessestoimplementbetterpracticestostaycompetitive.Wal*Martcreatesbettersuppliersinamarketplacebecauseitfocusesondoingmorebusinesswithfewersuppliersandrequiressteadyimprovementintheperformancestandardsforallofitssuppliers.DrivingpricesdowniskeytoWal*Mart’ssuccess.Theyachievethisobjectivebyhavinganallencompassingpassionfordrivingdowncostsinallaspectsoftheirbusinessinordertobecomethelowcostproviderinthemarket.Costadvantagesareobtainedinawidearrayofareasincluding:logistics,distribution,advertising,branding,merchandising,storedesign,pricingandsupplierstrategies.Wal*MartworkscloselywiththeirsupplierstoachieveEXECUTIVESUMMARYmanyofthesecostreductions,thebenefitsofwhicharesharedwiththeirsuppliers.Toplinegrowthisbeingdrivenbyexpansionandinnovationintheareasoffood,fashionandforeignacquisitions.Wal*MarthasmovedaggressivelytoexpandoutsideoftheUS,openingstoresandmakingacquisitionsinNorthAmerica,Mexico,EuropeandAsia.Mexico,Canada,andtheUKaregreatsuccessstories.GermanyhasbeenproblematicwhileIndonesiawasanoutrightfailure.ThebiggestbarrierstomarketentryinJapanarethemulti-tiereddistributionsystem,andrealestate,followedbythehighqualityandselectiondemandsoftheJapaneseconsumer.Wal*MartwilllikelyacquireaJapanesewholesalerwhileworkingwithglobalsupplierstoimplementitsRetailLinksystems.CompleteimplementationofRetailLinkmaytakeuptoadecade.SolvingtherealestatedilemmawillrequireatleastonemoreacquisitioninJapanandprobablymorethanthat.WithJapaneseretailingstrugglinginthecurrenteconomicenvironment,therearemanyacquisitioncandidatesfromwhichtochoose.IngoingtoJapan,Wal*Martwillbecomeamajorcompetitorofretailers,wholesalersandsuppliers.TherewillnotbeaconsumerbusinessinJapanthatwillnothavetotakeWal*Martintoaccountinmakingtheirstrategicplans.TABLEOFCONTENTSWal*Mart’sCompetitiveStrengths(andWeaknesses?).....................1Wal*MartasaLearningOrganization.............................................1TheWal*MartModel.....................................................................2ItBeginsWithEDLP......................................................................2CostReduction:Logistics.................................................................3CostReduction:Advertising...........................................................4CostReduction:StoreDesign..........................................................4CostReduction:SupplierStrategies.................................................4CostReduction:MerchandisingStrategy.........................................6PricingDiscipline:EveryDayLowPrices.........................................6CreatingaVirtuousCycle:LowCosts,LowPricesandtheProductivityLoop................................................7TopLineGrowth:FoodandFashion................................................7Innovation:ManagingtheRetailLifecycle.........................................9Wal*Mart’sForeignExpansionTrackRecord.................................10AdaptingtotheJapaneseMarket...................................................12Pricing..........................................................................................14Merchandising..............................................................................15Wal*Mart’sGlobalExperience:TwoPossibleOutcomesforJapan....15ImplicationsforJapaneseRetailers................................................16ImplicationsforJapaneseSuppliers...............................................17ConclusionsandObservations......................................................18WillWeSeeWal*MartinJapan?...................................................18AboutDeloitteResearch...............................................................191DeloitteResearch–RetailTsunami?Wal*Mart’sCompetitiveStrengths(andWeaknesses?)Wal*Mart’scompetitiveadvantagebeginswiththebusinessphilosophyoffounderSamWalton—aphilosophythatstilldrivestheorganizationandisperhapsbestexpressedinthisquote:“There’sonlyoneboss—thecustomer.Hecanfireeveryoneinthecompany,fromthechairmanondown,simplybyspendinghismoneysomewhereelse.”SamWaltonusedtotalkaboutWal*Mart’sorganizationstructureasanupside-downpyramid,withthecustomeratthebottom—andeverybodyintheorganizationtheretoservehim.Andyougetthissensetheminuteyouwalkintoth