Mart Special
Developing International Strategic Capability: Wal-Mart Stores Inc. and Seiyu Ltd.
Index
Summary
Details of the acquisition
Introduction Wal-Mart
- Strategy, resources, history
Introduction Seiyu
- New Message investment initiatives
Wal-Mart expansion into foreign markets
M & A causes and consequences
Corporate Strategic Analysis Part I
Environmental Analysis
- Market definition
- Market Analysis
- Market Value
- Market Segmentation I
- Market Segmentation II
- Competitive Landscape
Japanese retail landscape analysis
- Competition
- Supply side
- Byers side
- Characteristics of consumption
- Barriers to entry
Industry analysis; Wal-Mart
Five forces analysis
- Barriers to entry
- Power Supplier
- Buyers Power
- Substitutes
- Competition
Key success factors
Conclusions
Transitional Period SWOT Analysis
- Evaluation of the strategic choice
- The attractiveness test
- The cost of entry test
- The Better-off Test
Financial Strategy II
Overall performance
Market reaction to investment
Dividend policy analysis
Risk analysis and failure prediction
Ratio Analysis
- PER
- Liquidity
- Efficiency
- Capital structure and cash flows
Conclusions
Change Management Part III
Introduction
Planned and Emergent Approach
National Cultures
- V Process Results
- V Community Self
- Hierarchy disorder V
- Engagement V caution
Structural changes
Leadership Changes
Conclusions
Concluding remarks
References
Summary
The goal of this document will be to acquire the minority holding of Seiyu Ltd. Wal-Mart Inc. studies, which focuses on the question asking if it has generated wealth for present or future shareholders. Will also recommend if it is rational for Wal-Mart to continue its investments as described in the deal terms.
There was no more denying the fact that change is always faster, until recently this is slow enough to enable people to either adapt by making occasional small building modifications or the need to do and passing it to the next generation. In the past because not change much pressure on people, it has not received much of their attention. Today is straining so hard and is attended to. The current rate is such that delays in responding can be very costly, even disastrous. Adjustment current rapid changes require frequent and major changes in what we do and how we do it. As the eminent student of management Peter Drucker (1968) put it, "managers must now manage discontinuities. One of the unique characteristics of change brought to our attention by Schön (1971) is that if the rate of change increases, even the complexity of problems increases the more complex the problems are, the more time it takes to solve them. The greater the speed of change increases, the more problems we face change and the shorter the lifespan of the solutions we find them. So by the time we find solutions for many of the problems that face us, problems changed so that our solutions are no longer relevant or effective
One of the changes in the business environment, M & A's and their increasing pace brings considerable difficulties and complexities never faced before. Although there is considerable research in the area is fragmented, creating gaps that must be addressed. In the years 1990, the popularity of such strategic expansion increased tremendously (Shimizu et al 2004), but the results do not match their popularity, a recent study by KPMG found that only about 17% of cross-border acquisitions create shareholder value, while 53% destroyed (Economist 1999). It is logical to assume that principles for the above application easily for M & A's framed as discontinued common changes. The fragmented nature of scientific Studies in M & A across disciplines (strategic management, finance, human resource management, international business) suggests that further research and intergraded a more appropriate approach is to identify solutions and therefore used more effectiveness and success of them.
In this project such an approach intergraded is adopted, looking through the lenses of our acquisition of strategic management, finance and change management we will try to accumulate evidence that will help us to close in our original question.
Details of the acquisition
In 2003, Wal-Mart (WMT) gained an additional 192.8m shares, equivalent to a 27.9% stake in Seiyu Ltd., Tokyo, Japan, an owner and operator of a chain of supermarkets, at a price of JPY270/share. The acquisition will stake held by WMT from 6.1% to 34%. The framework This partnership is going to adopting business know-how and improving the financial structure. (Reuters 2006)
Introduction Wal-Mart
WMT Inc. is the largest retail company in the U.S. and is number one on the Fortune 500 index by Fortune Magazine, and more than any other retailer in the world. The company currently operates more than 4,150 outlets worldwide. Furthermore, the company's dominant store in Canada, Mexico and the United Kingdom (www.walmart.com). The company is ranked as the second most admired company in the world by Fortune (www.fortune.com) WMT has four parts to their business strategy
1. Dominance in the Retail Market
2. Expansion in the U.S. and international Markets
3. Creating Positive Brand Recognition and Company
4. Branch out into new sectors of Retail
WMT provides general merchandise: family apparel, health & beauty aids, household, electronics, textiles, toys, crafts, lawn and garden, jewelry and shoes. (Www.walmart.com).
WMT corporate management strategy is built on selling high quality brand products at the lowest price. In order to keep prices low, the company reduces costs by use of advanced electronic technology and warehousing. It negotiates deals directly with manufacturers for goods, thus eliminating the middleman.
Strategy resources and history
After the end of the second World War, the style of retail in the U.S. changed in the discount merchandising. It took the form of departmentalized retail business. A discount store, such as WMT can lower priced goods to consumers at lower prices by allowing for lower margins, while sales increased volume of goods.
Industry in the year 1970 was very competitive, but at the same time the nation's economy was weak due to inflation. WMT grew rapidly during 80 years as a result of diversification focusing on small cities first, and then expanded to major cities. This turned out while other retailers centered on larger urban centers. However, if the economy a recession face consumers low price stores. Moreover, as consumers became mobile, they moved to the suburbs and the town and were ready to move on low prices to buy.
By 1980, local chambers of commerce supported WMT due to the fact that they believed that the company helps a local economy through of low prices and good quality products. Critics argue that the success of WMT compensation of existing local independent traders.
- Wal-Mart Stores,
- super centers,
- Sam's Club warehouses and
- Neighborhood Markets
Its core retail business can be divided into four retail divisions:
It should be noted that most employees do not WMT "generous" wages paid. They are part-time workers are paid the minimum wage. The majority of employees are not entitled to any benefit, because it takes a part-time employee for more than five years are eligible for benefits, profit sharing, or other such compensation. Therefore there is a high turnover rate among them, which means most do not reach required level of seniority. In many cases the minimum wage is far below the poverty line.
Introduction Seiyu
Seiyu Group is a Japanese operator of supermarkets, department stores, which for the last 36 years. It is also the second largest retailer in the world in terms of its own shops (400), but ranks lower by sales, with more than 34,000 employees the sixth rank in the Japanese market. In addition to its Japanese operations, Seiyu also has department stores under its name in Singapore and Hong Kong. WMT from 2003 is the largest shareholder in Seiyu Seiyu and works closely with its focus on regain customer and its core retail business and the transition to a low-cost, low-cost operating structure. (Www.YahooFinance.com)
New initiatives message investment
Investment in WMT scopes for Seiyu to enhance financial stability, and more importantly, Seiyu to take advantage of superior services and advanced experience of the world's largest retail company. (Seiyu Annual Report 2003)
For more than six months, and Seiyu WMT conducted surveys and analysis of Seiyu the current situation and trends in the Japanese market. This information will Seiyu's expertise WMT, the world's largest retailer, to include areas such as:
- store operation,
- store development,
- logistics,
- analysis and
- management, and
- to use Global merchandise to Wal-Mart purchase.
Additionally, in August 2003, Seiyu plans to introduce a system to store information generates highly efficient and accurate demand forecasts by the release of sales and inventory data to manufacturers and wholesalers. Taking into account the characteristics of the Japanese market and consumer trends continue them this gradual, step-by-step transformation.
In January 2003, Seiyu underwent a structural reorganization in which eleven divisions were streamlined. In Mar, five new directors WMT were appointed to the Board. Under the new organization, the company is working to integrate the expertise of WMT toward becoming the "new Seiyu" in every aspect their activities, including product line-up, store environment and customer relationships. They have also launched "Everyday Low cost" cost-reduction efforts to offer "daily Low prices' products. With the integration of WMT's considerable know-how, these initiatives will try to run the company to raise the standards and WMT added the much needed value for its shareholders. (Seiyu Annual Reports 2002-2005)
Wal-Mart expansion into foreign markets
WMT expands in the world market. The retailer has about 400 European stores, mostly in the United Kingdom and Germany (dir.yahoo.com).
- Seiyu will introduce the Japanese Customs WMT better prepare the retail giant for possible acceptance by consumers peculiar (biz.yahoo.com).
WMT is off course the first retailer to try to go to Japan, but it is the first to try and work closely with an established Japanese company and the transition in the market. retail market in Japan is weak, but crowed. If WMT quickly adjusts, will be a good chance of survival. On the first day of the alliance, Seiyu stock shot up 21%, boding well for WMT's entry (biz.yahoo.com). On the other side. Seiyu managers have strongly opposed nonsense, WMT is not a cost-cutting strategy, but that's no surprise, and it is too early to predict that this partnership a failure. (The Economist 2004)
M & A causes and consequences
Liberalization, deregulation and integration of markets meant to globalization and the growing interdependence of them. This internationalization of business activities has led to an increasing share of labor in the world force engaged in activities related to international trade. In parallel, M & A has led to the emergence of huge global and regional wholesalers and retailers. Yet had wider repercussions consolidation, retailers are increasingly international in scope and retailers from developed countries extensively abroad, both developed and developing countries. (International Labour Organization, 2003)
Since domestic markets became more saturated in many developed countries (U.S. is considered a mature market) for several reasons, companies are increasingly looking for new opportunities to expand outside their domestic markets.
Concentration in mature markets encourages price-based competitive business strategies, eliminating costs that were reinvested back into the price-cuts. A price-oriented strategy such as this demanded that the sale rate increases, and as this is only rarely be achieved by organic growth in mature markets, M & A was the only route to a larger market .- a fact that Wal-Mart in the experience therefore the desire to expand globally. (International Labour Organization, 2003)
Looking at our case study the following quotes capture the reasons Wall-Mart behind the diversification strategy in Japan, Mike Duke, vice chairman WMT, said: "Seiyu is a valuable addition to Wal-Mart and provides us with a strong presence the second largest market in the world. (Www.Wal-Mart.com)
"To be known as a truly global retailer, we have in Japan, the world's second largest economy "Said Charles Holley, Chief Financial Officer of Wal-Mart International. (Www.Wal-Mart.com)
Ed Kolodzieski who will take over the management of the new Japanese unit said: "The company makes this investment because it sees great long-term, clear possibility, from our perspective, there is an incredible opportunity. There is clearly a many of the consumption in this country. (Www.news.bbc.co.uk)
The discussion above captures some of the strategic rationale behind WMT diversification and long term expectations, but the investigations, there is no mention of any financial forecasts or a quantification of the benefits to increase shareholder to illustrate value. We recognize that the cost of the deal is significant for a company the size of WMT, but never the less a company accountable to shareholders at all times and appropriate rationales and demonstrate the added value of a decision must be thoroughly analyzed and reported. (Neal and Pike 2006)
Corporate Strategic Analysis
Environmental analysis
The first step of the analysis to answer our central question, using the PEST framework (Grant 2005), The checklist below is a summary of current issues regarding the two companies a wide area, with much attention being paid to the industry and their historical context. The influences considered will be displayed mainly from Japanese and U.S. macroeconomic environment, although some of them can be regarded as a single character. The range of factors is quite wide, so to try to analyze them all is very unproductive and undesirable. All factors considered to be tracing the impact along three dimensions, where they live in the industrial environment:
- Suppliers
- Competitors
- Customers
In addition, a critical analysis insights into the opportunities and threats facing the two companies before and after 2003 to increase minority stockpiling. Effective this section will reveal the actual and potential WMT benefits derived from its strategic choice is answer our original question.
Global Environmental Scanning PEST Framework
Political
- Commercial Code relating to M & A (Japan)
- Corporate Governance
- Zoning Rules (Japan)
Economic
- M & A's
- Oil Prices
- Energy prices
- Emergence of the Asia-Pacific markets
- Transport
- The consumer spending and confidence
- Interest
- Inflation
- Employment
Social
- Obesity dimension
- Population growth and changing structure
- Changes in consumer behavior
- Corporate culture
Technology
- Food Innovation, new technologies prompted the development of new products
- Increasing automation and the importance of information technology.
- Internet applications.
The starting point of analysis is that each branch determines the level of profitability. The assumption that the industry analysis is based is that the level of profitability is neither arbitrary nor the result of the whole industry specific factors-is determined by the systematic influences of the structure of the industry. (Grant 2005)
Market definition
The food distribution is from the total revenues generated through food sales from:
- supermarkets,
- hypermarkets,
- cooperatives,
- discounters,
- convenience stores,
- independent grocers,
- bakers,
- butchers,
- fish trade and
- all other retailers of food and drink for off-premises consumption (Global – Food Retail Datamonitor May 2006).
Market Analysis
The global food crisis retail industry performed well in the past five years and is expected to continue growing at rates between 3% and 4%. Industry growth is primarily attributed to increased sales of premium and luxury items such as organic food, despite the decreasing costs of everyday objects as a result of significant pressure on prices a high level of strong competition. The global food retail industry generated total revenues of $ 2,928.4 b in 2005, this represents a compound annual growth rate of 3.4% CAGR for the period of five years across 2001-2005.
The main source of profit for the retail sector, supermarket segment, total revenues of $ 1,179.9 b generated in 2005, equivalent to 40.3% of the total market value. In contrast, the food industry specialists was worth $ 392.1b, which is 13.4% of the market share represented. The EU is the largest market in the food retail industry, generating $ 1,102.3 b in 2005, equivalent to 37.6% of the global industry's value. However, the Asia-Pacific market is only marginally smaller, generating $ 1,002.5 b or 34.2% of the global food retail industry and is growing at a higher rate than the EU market, mainly due to the rapid expansion of food retail in India and China.
Looking ahead, the industry is expected to accelerate its current performance, with an anticipated CAGR of 3.9% for the five years period 2005-2010 industry is expected to increase to a value of $ 3,546.7 b at the end of 2010. The rising trend of organic foods, allied to increasingly rich, time poor consumers purchasing Premium Ready meals, is expected to be a major factor behind the growth of the global industry to be, this in addition to the rapid expansion of emerging Asia-Pacific markets. (Datamonitor food retail report 2006)
MARKET VALUE
The global food retail industry grew by 3.8% in 2005 to a value giving of $ 2,928.4 b. The CAGR of the industry in the period 2001-2005 was 3.4%.
Market Segmentation I
Supermarkets account for 40.3% of the value of industry. Food specialists such as bakers and fishmongers, generating a further 13.4% of the turnover of the industry.
Market Segmentation II
Europe generates 37.6% of global industry revenues. Asia-Pacific accounts for a further 34.2% of the value of the global industry
Competitive Landscape
The global food retail sector is becoming increasingly polarized. However, there are discount retailers also enjoy a high growth in developed markets, a fact soon to be true for developing regions of Asia-Pacific, including several supermarket chains continue aggressive inorganic growth (see Wal-Mart, Carrefour). Nevertheless, players continue to encounter still significant cost pressures. Crude oil prices continue to deduct the margins for food retailers, increasing the cost of energy, transport and packaging. Disposable income Consumer demand is also influenced by the increase in the price of gasoline, impacting revenue streams and contracting consumer spending.
Online virtual supermarkets make up a small fraction of the retail landscape. Although the trend is rising, this concept of shopping is still in the process of development. All major retailers in the grocery sector development or have developed web-shopping platforms to reach into this growing market sector. In the U.S., online sales of food products totaled 2.4 billion U.S. dollars in 2004 and are expected to $ 6.5b by 2008 an area equivalent to an annual growth of 42%, online shopping is the fastest growing segment in the food retail sector. (Datamonitor Food Retail Report 2005)
The worldwide obesity and education levels are a new restaurant market to combine a negative effect on the volume of sales of food. More and more companies are therefore diversifying into non-food retail, and offering services such as credit cards and insurance.
Japanese retail landscape analysis
Japan has the second largest economy in the world, and sells the sales are over $ 1ta year, second only to the U.S. Furthermore per capita household consumption expenditure and retail are among the highest in the world, and the Japanese market is one that is very attractive to foreign retailers. Furthermore, as the Asia-Pacific continues to grow as an astonishing pace and economic integration in the region continues to grow, Japan has all the qualities required in international business hub for Asia.
Given the economic vitality of the activities, countries and regions of East Asia, especially in urban areas, is increasingly buying behavior and lifestyle requirements are becoming more standardized parts. Consumer goods, clothing and cosmetics tend to spread throughout East Asia after the first popular in Japan. Japan is a major hub for marketing activities for companies scoping of the East Asian markets also carry the country is very stable socially and geographic proximity to East Asian countries makes it an excellent choice for locating regional headquarters in East Asia. (JETRO review 2005).
In 80 years, East Asia's share of global GDP was a 16%. That figure now stands at nearly 30% due to the economic growth of East Asian countries with Japan remains a strong presence.
However, if we look at recent economic and consumption situation can be seen that in 90 years after the collapse of the bubble, in addition to stagnant consumption, consumer prices have fallen, from a peak of 148t in yen 1997, the retail sector declined. The annual turnover for the retail were135t yen in 2002, and a significant decrease of 6.1% compared to the figures in the last survey (1999).
Source: Ministry of Economy, Trade and Industry, Census of Commerce, each year
Competition
An eminent feature of the market is the fact that a large number of very small scale retailers exist, and the result of this, there is little consolidation of the market by leading retailers, compared with the U.S. and UK
There are several variables that have contributed to this: the rapid growth in the year 1980, the volume of the market, and created enough opportunities in the market, even for small traders that allowed them to remain in business:
- consumer patterns still exist from buying fresh produce often in local stores;
- systems to protect and grow small and medium retailers;
- regulations such as the Law on the measures by large-scale retail stores instead of open contracts.
However, from 1991-2002, supermarkets have Home centers and increase their share of the market, with companies that are open chains of supermarkets and drugstores, and the composition of sales by industry type is drastically changing. Further consolidation in retail warehousing at hand, and sales of major retailers have increased dramatically, partly due to an M & A's.
On the other hand, the share of small and medium-scale retailers in the overall sales decline rapidly. (Ministry of Economy, Trade and Industry, Census of Commerce)
Share of the Top 3 Retailers National Retail Markets (in each country)
Supply side
Changes are also visible in the wholesale trade. Until recently, one of the main features of the Japanese distribution structure, the extensive number of wholesalers and their numerous of levels. These structural features are the large number of small shops to supply, so primary wholesalers were unable to adequately cover the whole market, resulting a second layer of the wholesalers are. This web of powerful wholesalers, distributors contribute to the high price of goods in Japan, each level of distribution is required a reduction in the total price of the product. Yet the decline in small shops, forced many small and medium-scale traders to leave the company. (Ministry of Economy, Trade and Industry, Census of Commerce)
Another crucial point to note is the logistical infrastructure that one of the best in the world to facilitate movement of goods and people in all categories (motorways, railways, ports, airports).
Japan national labor market abundant highly educated human resources. In addition, the increase in rates, market liquidity is to facilitate the recruitment of highly qualified personnel.
Productivity increases each year to a total of 60 million people and has one of the highest rates of university presence among developed countries. Talented highly trained human resources are available in abundance. The overall labor management relations in Japan are very positive, allowing businesses to function
Byers Side
From the year 1990, household consumption is depressed. As household income continues not to increase the burden of raising children, rental or home loans and medical expenses continue to rise, and the level of free income available to each household is decreasing. This environment is encouraging consumer demand for a low price goods, and led to the intensification of the retail price wars. The trend actually took the stage for Western-style mass discount retailers entering the market.
Although many households are feeling the pinch in terms of income, the average savings per household is more than 12m ($ 112,000) yen, while purchasing power is currently at a low level due of depression, should be seen that the average household purchasing power has great potential. A trend can be seen in those households to reduce spending as a whole, and by focusing their disposable income on certain items, are able to buy more expensive products.
Characteristic of the Japanese Consumption
A characteristic which describes the Japanese consumer is that they are very particular with regard to quality. For this reason, the quality of fresh food has a major impact on the reputation of stores. Differentiation between consumer preferences has also been exhibited regionally, and fish and vegetables are the consumer preferences can vary greatly. Consumers will tend to look for a place for their shopping where they can get good fresh food like fish and vegetables to do, and for this reason there is a regional supermarket chains around the country. Although younger consumers tend to buy is in bulk, and there is a trend for fresh products are purchased less frequently. However, the tendency for consumers buying small quantities often to get fresh produce remains high.
On the other hand, the rising participation of women in the workforce to change purchasing patterns. The percentage of households to prepare meals during the week is steadily decreasing, and instead there are an increasing number of people to buy food at supermarkets or department stores. For other items than fresh foods as well, Japanese are particularly related to quality, and products that are low priced, though of dubious quality not easy to gain acceptance in the market.
Recognition of brand names is especially high among consumers especially the manufacturers. With few exceptions, there is little market penetration observed by private brands by retailers. (Datamonitor Food Retail Report 2004)
Barriers to entry
If the Japanese culture is more similar to that of the EU and USA (JETRO Review 2005), Japanese companies are less rigid than before redundancies and disposals. In response to economic globalization and other factors, Japan takes key elements of the reform of its economic and legal framework. The stock cross-holding structure, which had hindered M & A's, fell apart too. Commercial Code revision in 2006 will make it easier for foreign companies to Japanese companies through equity swaps to acquire.
Furthermore, the adoption of new accounting standards based on international accounting standards makes it easier to make comparisons between companies in Japan and parents overseas network. Other issues relating to costs of doing business in Japan:
Property Prices
Communication:
Work and interest:
Logistics costs and fees:
Finally, a number of indicators for foreign direct investment and average return on assets for foreign affiliates
The impression as a result of the above data is that the environment in Japan is changing quickly to capture the economic development and foreign investment. In the opinion of this writer, has Wal-Mart taking into account these factors thoroughly before Japan and realized that the existing infrastructure and restructuring opportunities can offering to benefit disabled.
Although the above data to build a positive image, was well managed buyouts of Japanese companies remain difficult in light previous experiences with unsuccessful bids.
OTE: Figures in brackets are the number of companies that leave the market
Source: Prepared by Saison Research Institute based Nihon Keizai Shimbun, Inc., "The Age of Global Retailer: to and from Asia," 2001 by Ross Davis and Toshiyuki Yahagi
Many foreign retailers entered the Japanese market in the years 1970 and 1980 have long since disappeared from the market. Background reasons for leaving the market are:
- an inability to products that Japanese consumers' needs are met to provide
- differences in strategy with partner companies,
- disagreements shops on site and product line-up
- restructuring of the partner company to force the tie-up to be resolved, etc. (JETRO Japanese Market Report 2004)
The conditions have changed dramatically from the early 90s. A major issue was that it was noticed by the US-Japan structural barriers Initiative in 1989 that the Japanese distribution and commercial complex as well as store opening regulations under the Large-Scale Retail Law were counted as non-tariff barriers for the Japanese market, and this in turn resulted in the Large-Scale Retail Law reform. Furthermore, improvements in the particular trade to Japan, such as discounts and recommended retail prices, and the fall in retail prices as the bubble burst, both helped to create an environment more conducive for foreign retailers to enter.
The late 90 years there was a marked increase in the overall global retailers that specialize in foods on the market. This began with Costco in 1998, and was followed by Carrefour, Metro, Wal-Mart and Tesco. All companies in the Japanese market for a short period of time, and there are issues of their business that are not proceeding as planned, but it can be expected the marketing of these companies have a major impact on existing commercial practices, and manufacturers' distribution. Major retailers have also recently still not, and the current environment, with low stock prices, is one that is conducive to corporate takeovers. (Wal-Mart Case Study)
Industry Analysis Wal-Mart
We now have a good understanding of our companies' resources and capabilities (see financial analysis), the industrial environment and following the National Environmental part of the analysis will use Wal-Mart sources of competitive advantage and explore how they can be applied to the Japanese market. The strategic fit as it exists will prove compared to our main question.
Firm resources and capabilities
Financial resources
Physical resources Reputation
Functional opportunities
General management skills
Industrial Environment
Key success factors
National Area
National resources and capacities
Domestic market
Policy of the Government
Related and supporting industries
Competitive Advantage
Source (Grant 2005)
To determine whether Wal-Mart maintains sustainable competitive advantages in the retail industry, it was necessary to a five forces analysis to carry out (Porter 1987).
Competitive advantage comes from two sources of cost advantage where the products are virtually identical product differentiation and operating that create value for shareholders (Pike and Neal 2006). The power of the five sources of competitive pressure will be determined by a number of important structural variables The goal is to build on an understanding of the competitive forces of industry to develop effective strategies to plan and develop competitive advantage over rivals organization, more specifically the Japanese environment that we just said, the potential transfer of competitive advantage implies that Wal-Mart will be in a position to value in its operations and eventually adding increasing shareholder wealth.
Wal-Mart Competitive Analysis: Five Forces
WMT is active in the retail industry as the dominant low-cost retailer. WMT's strategy is built around its philosophy of providing EDLP pricing. range WMT merchandise, which offers one-stop shopping and high stocks provide confidence to customers that WMT will have what they need, and her long working hours that allow customers to shop at their ease.
Barriers to entry
Immediate BTE's are relatively low, because:
- opening a shop is relatively Low capital intensive
- fixed costs are low and
- specific knowledge of running a store is realistic to obtain.
However, when a WMT store opens nearby, small private retail establishments are often driven out of business because WMT has the ability to command prices in the long-term average operating a small private retailers. WMT is able to do this because, as the largest retailer in the world, its long-term average operational cost is much lower due to economies of scale realized.
Power Supplier
WMT supplier of power is fairly nonexistent. As the largest retailer in the world, prepare a huge amount of purchasing power to dictate volume discounts from suppliers. In many cases, WMT business represents a large volume of business a supplier, WMT further enhancing its ability to demand discounts from its suppliers.
Electricity supplier in terms of human capital is also very low as most positions in WMT can be classified as unskilled labor positions. Furthermore, WMT does not meet the unions and no association is represented in WMT's business.
WMT avoid distribution bottlenecks by operating its own distribution facilities. WMT is known for his "pull" inventory management system that allows to bypass inventory increases and demand, the system can help mitigate and every supplier power.
Buying power
The client retains ultimate buying power for pricing WMT. WMT's EDLP philosophy is to consistently attract consumers who will give them confidence WMT with the lowest prices available and also to avoid unpredictable price changes as a result of promotional activities. Because the most consistent and lowest cost retailer in the market, business strategy does WMT an appeal to end users.
Substitutes
An important place for shopping in stores is online shopping. Trends show that online shopping is growing rapidly year on year. WMT does offer shopping online at www.walmart.com but the threat of cannibalizing sales of online shopping is not a major problem at this point.
Competition
Competition is intense in the industry, as evidenced by narrow margins:
Avg. Gross Margin (Retail Industry / Market: 26.5% vs 48.3%);
Avg. Operational margin (Retail Industry / Market: 8.5% versus 12.6%);
Avg. Net margin (Retail Industry / Market: 3.4% versus 7.0%).
Source: Reuters 2006
WMT competes in various retail sub-industries: Discount, department, drug, variety and specialty stores and supermarkets, many national and international operations. WMT also compete with retailers for new store sites. In 2005, the WMT segment in the first place, based on net sales among all retail chains department stores and discount department store chains in all.
Following Kenichi Ohmae (1983) we reason will try to key success factors (CSF) within the industry, arising from our external and internal analysis to summarize. The matching of the external environment with the resources of the business community is in fact the (CSF) within the market.
8.0Key success factors (CSF) within the industry
Customers
- Differentiation through tangible and Fixed assets (brands, ethical products, store formats)
- High quality / low price attributes (health, pricing,)
- Superior customer service.
- Good labor / management relations
Competition
- The possibility to expand into non-food areas of business.
- Supplier relationships
- Store sizes and locations
- Market Dominance
Corporation
- Cheap Operations
- Economies of scale
- Innovation in terms of products and processes
- Employee involvement and development.
Conclusions
Based on the lowest costs and one-stop-shop business model WMT a strong, sustainable competitive advantage, a very competitive industry. WMT many cost advantages realized by his very high buying power generated by its huge size. WMT's business model works with the end consumer demand for consistent, low-cost retail items and helps reduce buyer power. Meanwhile, WMT is constantly able to compete all setting low prices and then driving competition in the market to eliminate.
SWOT Analysis
The same applies to the connection between Wal-Mart and its external environment in other words, a strategic fit? Grant (2005) implies that a strategy for success to be consistent with the characteristics of the external business environment and the characteristics of the company's internal environment and its aims and values, resources and capabilities and structure and systems (Lynch 2005). We can say that by pooling our knowledge of the internal characteristics of the two companies, PEST analysis and industry analysis for deriving conclusions to our original question.
Strengths
- Reputation as a global company
- Strong management and staff development programs
- Excellent logistics system
- Global procurement
- Aggressive growth strategy
- Ultra strong financial position
- Extremely high purchasing power
Weak points
- Limited international presence compared to main competitors
- High staff turnover
- Reputation
Opportunities
- Japan is the second largest retail market in the world.
- Deregulation (Large-Scale Retail Store Location Law)
- Lack of consolidation in the Japanese market.
- Emerging markets in Asia Pacific
Threats
- Consumer preferences (the quality of products, stores and services)
- Distribution
- Japanese business culture
- Weak Japanese economy
- History of corporate failures entry
Strengths
Reputation as a global company
WMT has a truly global presence, measuring the self as the greatest company in the world. It expects a new store open every day until in 2004 its international presence continues to grow by approximately 1,300 locations in Mexico, Canada, UK, Germany, Asia and South America, in addition to 400 Seiyu stores in Japan. Furthermore, reputation can effectively influence the political and economic institutions to its advantage and further opportunities for growth. (Datamonitor, February 2006)
Strong management and employee development program.
WMT management structure has been consistently strong and effective and the company steadily in the right direction. WMT has developed programs with high potential to identify and develop the assets of the company. A large percentage of workers WMT began their time with hourly employees. The workforce is not represented by a union. This allows greater flexibility at work WMT productivity statements, and is not threatened by strike action.
Excellent logistics system
WMT has a superior logistics system that will deliver exceptional performance. In U.S. merchandise has moved from about 85 WMT owned distribution centers. This brings a highly effective global sourcing advantage. This creates a competitive advantage as WMT could cost be achieved through finding the cheapest location. Taking into account the infrastructure providers, the above strength in Japan, the cost basis for increased purchasing power and ultimately competitive advantage over local competition.
Global procurement
WMT has recently structured its business relationships with global shops. It started a few years ago, seize opportunities, and we are moving forward quickly. Because of its size in the interior, and because it sells many of the same goods in different countries, WMT realize economies of scale when purchasing goods. WMT management believes that global sourcing there would add to the gross margins for a period of approximately five years. Again the strength can translate into financial benefits and differentiation of its products against local competition, again baring in mind the nature of Japanese consumers, increasingly extent price sensitive, the low prices that Wal-Mart can get will help its success.
Aggressive growth strategy and strong financial position
Despite the clear leadership, growth WMT shows little sign of subsidence. In 2003, the company allocated about $ 11B of capital projects, adding about 48m square feet of retail space. At the end of 2003 required WMT 4,000 Supercenters increasing customer demand requirements. WMT Supercenters have propelled the country's largest food retailer become. This type of stores to attract consumers from a wide radius, including those from several neighboring WMT discount stores. It is logical to assume that WMT will not wait the results are only of Seiyu and it may seek further acquisitions as rumors suggest. Moreover, the laws relating to super-stores that are the main engine Growth in the U.S. market, are gradually released so lowering the entry barriers so the company to play on its strengths.
Weaknesses
Insufficient International exposure compared to main competitors
Such a massive operation in both the capital market and the number operational units, the company still has a relatively low international presence. WMT currently has a presence in eleven countries around the world and it is known, WMT activities in three countries – Canada, the United Kingdom and Mexico – make up over 90% of its international business and effectively its international revenues. Thus, although apparently a strong "Global" operation, most of WMT earnings still come from North America and the United Kingdom.
Carrefour – 31 countries.
Ahold – 26 countries.
Metro Group – 26 countries.
Ito-Yokado – 13 countries.
Tesco – 13 countries.
Wal-Mart – 11 countries.
Kroger – 1 country.
Target – a country.
Albertsons – a country
Kmart – a country.
Source: M + M Planet Retail
High staff turnover
WMT competitive advantage derives from its inventory system and supplier relationships, which are free to keep – and prices – low. It's worth at the bottom of the compensation scale and experience high turnover of its nonunion work force.
On the other hand, Japan has a large supply of well-rounded people but labor costs are also relatively higher than in other countries, a fact that can lead to problems with the fact that a source of competitive advantage for the company are the low wages it pays. The fact that labor increase in line with the age of employees is a major problem. Furthermore, it is very easy to skilled and educated housewives for part-time employment.
Within Seiyu, more than seventy percent of employees are part-timers. Seiyu is the adoption of Wal-Mart shipping and display methods for labor, as well as addressing the distribution, logistics, and relationships with suppliers to increase competitive advantage to develop (Troy 2003).
Reputation
While the above as a strength community relations' problems are bound to exist with a company the size of WMT. Not a big surprise, WMT has developed a long list of critics, including unions, human rights organizations, religious groups, environmental activists, community organizations, small business groups, academics, children's rights groups, and even institutional investors. These groups have criticized the holding illegal union-busting tactics, many violations of overtime laws, child labor abuse, exploitation of migrant workers, gender discrimination, the horrible working conditions at its suppliers factories, and its environmental degradation. This is a worrying aspect within Japan's environment can have side effects that a strong opposition in its activity could lead.
Opportunities
Second largest economy in the world
Japan attraction consists of the second-largest economy in the world with the second half retail sales increased just to the U.S., in addition to market is growing at a faster pace than the EU market. Discount retailers enjoy a boom in the developed markets, a fact soon to be true in the developing regions of the Asia-Pacific. Wal-Mart has successfully entered the Japanese market with a low risk investment and wait for its consumption rates to bounce back as his restructures Seiyu its strengths while learning about its new market. Wal-Mart's strategy perspective is entering the markets where they can win, so focused on other industries scattered, not a high turnover, price inelastic and less efficient supply chains. Japan's food retail and mass merchandise meets all these criteria.
UN consolidated market
The structure of the market consists of the presence of very small retailers in comparison with the U.S. and other developed markets, a trend that was assisted by buying fresh produce culture and legislation such as the Large-Scale stores that made very difficult for large retailers to open large size facilities due to environmental and competitive reasons. Wal-Mart can effectively benefit from the lack of concentration and increase the pressure for everyone in the increasingly competitive market, so increasing the chances of obtaining a larger market share.
Deregulation
Deregulation and the abolition of laws at the side of the preferences and changes in the structure of consumer are creating opportunities that Wal-Mart will benefit by opening its first super-center in Numazu, the retailer hopes to be a model for stores in the entire archipelago. The economy eventually bounces back Wal-Mart management is convinced that a large part of $ 1, 3t retail conquer Japan.
Asia-Pacific
The above analysis shows that 34.2% of global turnover in the food distribution is generated in the Asia-Pacific, and projections show that the trend will continue increase. Besides Japan is a trendsetter in the wider region and a model for many countries the presence of Wal-Mart in the region to monitor can be effectively translated into several advantages such, in establishing its brand for the entire region, learning lessons from the Japanese market and indeed the whole region, which can be transferred in other markets, more opportunities Cooperation with other perspectives. Finally, if every company wanted a presence in the region and the extent to establish a long term presence and development, could not find a better place than Japan.
Threats
Consumer preferences
Compared with other countries, Japanese consumers tend to be more attention to details like the quality of products, stores and services, and design, rather than focusing solely on price. They tend to perfect products demand, and this may result in the assembly costs for the required quality management, Japanese consumers can not be taken without attention to quality. However, depending on the product or industry, there are cases where the low prices are aimed at more than quality and design, and when entering the market, a complete and detailed market will not disappear. WMT focus is not on design or quality sometimes focuses on the base and the low prices and this is its core business model. On the other hand, economic depression and changing consumer preferences can help the company make up on this issue. Localized preferences is a problem that consumers clearly different preferences in Japan, something you WMT currently can not meet with success in mind its business model of the standardization of products and services.
Weak economy
Although the Japanese economy is beginning to show slight recovery, consumer spending remains cautious and confidence is low. Stagnant consumption has placed on retail sales of a peak in 1997 of 148t 135t yen in 2002 a significant change of 6.1%. The weak economy has led to low stock prices creating an environment for buying other companies and foreign market access are easy – a condition that WMT benefited with its investment in Seiyu. On the other hand, the performance of the seiyū over the last five years has been a disappointment for the current stakeholders and a part of the explanation is the general economic conditions.
Electricity grid
Supply regime in Japan, which is believed as one of the most complicated and toughest in the world, with multiple layers of wholesalers, retailers at the expense of profit margins. The condition is induced by the large presence of small scale retailers. With a further consolidation of the industry, globalization and deregulation, the shrinking supply network less powerful and therefore opportunities for retailers to increase their dominance increases. WMT its core capabilities in global sourcing, distribution, purchasing and information infrastructure actually try to circumvent or modify the existing balance of power is maintained competitive advantage over competitors and the market even further restructuring in terms of the existing complex business practices.
Bankruptcies
Although much progress in the entry conditions and structural reforms in the Japanese market, it remains a challenge and a threat to anyone wanting to break through and establish a lasting presence. Taken as the paradigm of the main reasons for the failure above outlined and contrast them against WMT approach we can come to some conclusions.
WMT market very carefully, and gradually increased its stake in Seiyu, illustrates the need for a careful consideration of the variables at the market at the same time is to reduce investment risks and buy time to determine how different environmental forces will, as evolving consumption patterns and various regulations mentioned above. WMT is in fact taking the long-term view in its investment, with secure additional investment injections to gradually increase its share and noteworthy at a predetermined price. In the meantime, learning, and prepares for the reorganization of the economy and other conditions become more favorable.
Corporate culture
Again contrasting against the major reasons have not listed above, has chosen WMT Seiyu his vehicle for this venture will be a 37th year old sixth largest retailer in the industry, providing a good market knowledge, established relationships and her practice involves with various stakeholders. Besides an important cultural feature that WMT seems to be maintained is that business relationships in Japan are not based on the profitability of a deal, but securing benefits for both parties from a much longer perspective. Other evidence to act with great care and cultural sensitivity is the fact that the Executive Board's Seiyu Board retains a majority of the original members which means WMT's attention to an efficient business, of course, other reasons exist, such as existing know-how and relationships that members have with the wider community and are regarded as assets in the Japanese retail business environment.
Strengths
Reputation as a global company
WMT has a truly global presence, measuring the self as the largest company in the world. It expects to open a new shop every day in 2004 its international presence continues to grow at about 1,300 locations in Mexico, Canada, UK, Germany, Asia and South America, in addition to 400 Seiyu stores in Japan. Furthermore, reputation can effectively influence political and economic institutions to its advantage and further opportunities for growth. (Datamonitor, February 2006)
Strong management and staff development program.
WMT management structure is still strong and effective and the company steadily in the right direction. WMT has programs designed for high-potentials to identify and develop the assets of the company. A large percentage of workers began their day with hourly-paid WMT employees. The workforce is not represented by a union. This makes WMT greater flexibility in work productivity statements, and is not threatened by strike action.
Excellent logistics system
WMT has a superior logistics system that will deliver exceptional performance. In the U.S. market moved from about 85 WMT owned distribution centers. This brings a highly effective global sourcing advantage. This creates a competitive advantage as WMT could cost can be achieved by sourcing from the cheapest location. Taking into account infrastructure providers, the above strength in Japan, the cost basis for increased purchasing power and ultimately competitive advantage
Global procurement
WMT has recently structured its business relationships with global sourcing capabilities. It began to seize a few years ago, and moves forward quickly. Because of its size in the interior, and because it sells many of the same goods in different countries, WMT scale realized when they buy goods. WMT management believes that global sourcing would be useful to add to the gross margins for a period of approximately five years. Again the effect can translate into cost advantages and differentiation of its products against local competition, baring in mind again the nature of Japanese consumers are increasingly price sensitive, the low prices that Wal-Mart will help obtain to its success.
Aggressive growth strategy and strong financial position
Despite its clear leadership, growth WMT shows little sign of subsidence. In 2003, the company allocated about $ 11B of capital projects, adding about 48m square feet of retail space. At the end WMT 4000 of 2003 required Supercenters increasing customer demand requirements. WMT Supercenters have propelled the nation's largest food retailer became. This type of shops to attract consumers from a wide radius, including those from several neighboring WMT discount stores. It is logical to assume that WMT will not sit and wait for the results only Seiyu and may seek further acquisitions as rumors suggest. Moreover, the laws relating to super-stores that the main engine for growth in the U.S. market, gradually relaxed, therefore lowering the entry barriers so the company to play on its strengths.
Weaknesses
Insufficient International exposure compared to main competitors
Such massive Corporation in both the capital market and the number of operational units, the company still maintains a relatively low international presence. WMT currently has a presence in eleven countries around the world and it is known, WMT activities three countries – Canada, the United Kingdom and Mexico – make up over 90% of its international business and effectively its international revenues. Thus, although apparently a strong "Global" operation, most of WMT earnings still come from North America and the United Kingdom.
Carrefour – 31 countries.
Ahold – 26 countries.
Metro Group – 26 countries.
Ito-Yokado – 13 countries.
Tesco – 13 countries.
Wal-Mart – 11 countries.
Kroger – 1 country.
Target – a country.
Albertsons – a country
Kmart – a country.
Source: M + M Planet Retail
High staff turnover
WMT competitive advantage derives from its inventory system and supplier relationships, which are free to keep – and prices – low. It's worth at the bottom of the compensation scale and experience high turnover of its nonunion work force.
On the other hand, Japan has a large supply of well-rounded people but also labor relatively higher than in other countries, a fact that can lead to problems with the fact that a source of competitive advantage for the company are the low wages it pays. The fact that labor increase in line with the age of employees is a major problem. It is also quite simple to skilled and educated housewives for part-time employment.
Within Seiyu, more than seventy percent of employees are part-timers. Seiyu is the adoption of Wal-Mart shipping and display methods for increasing labor productivity, and addressing distribution, logistics, and supplier relationships to foster competitive advantage (Troy 2003).
Reputation
Although mentioned above as a strength community relations' problems are bound to exist with a company the size of WMT. Not a big surprise, WMT has a long list of critics, including trade unions, human rights organizations, religious groups, environmental activists, community organizations, small business groups, academics, children's rights groups, and even institutional investors. These groups have criticized the holding illegal union-busting tactics, many violations of overtime laws, child labor abuse, exploitation of migrant workers, gender discrimination, the horrible working conditions at its suppliers factories, and its environmental degradation. This is a disturbing aspect in the Japanese environment can have adverse reactions that strong opposition in its operations could result.
Opportunities
Second largest economy in the world
Japan attractiveness comprises the second largest economy in the world with the second higher retail sales second only to the U.S., in addition to the market is growing at a faster pace than the EU market. Discount retailers enjoy a boom in the developed markets, a fact soon to be true in the developing regions of Asia Pacific. Wal-Mart has successfully entered the Japanese market with a low risk investment and waiting for its consumption rates to return Seiyu to bounce if it restructures its strengths while learning about its new market. , Wal-Mart's strategy perspective is entering the markets where they can win, so focused on other industries that are fragmented, making major sales success, with price inelastic and less efficient supply chains. Japan's food retail and mass merchandise meets all these criteria.
UN consolidated market
The structure of the market consists of the presence of very small retailers in comparison with the U.S. and other developed markets, a trend that was helped by buying fresh produce culture and legislation such as the Large-Scale stores very difficult for large retailers to open large size facilities due to environmental and competitiveness reasons. Wal-Mart can effectively use the lack of concentration and increase the pressure for everyone in the market to increase competition and therefore the chances of obtaining a larger market share.
Deregulation
Deregulation and the abolition of laws at the side of the preferences and changes in the structure of consumers are creating opportunities that Wal-Mart's advantage taken by opening the first super-center in Numazu, the retailer hopes a model for stores in the islands are. The economy is finally bouncing back Wal-Mart management is its convinced that it can capture a large part of $ 1, 3t Japan retail.
Asia-Pacific
The analysis above clearly shows that 34.2% of global turnover in the food distribution is generated in the Asia-Pacific and t
About the Author
Kiriakos Mpaxevanis holds a BA in Business Economics from Kingston University and an MBA in International Business from Brighton University. He currently works for American Express as a project manager an he is also the co-founder along side his wife of
http://www.little-jasmine.com.
Some want to call Jews a race. Does not that mean that K-Mart blue light special fanatics a race?
Think about it. If the Jewish people have a race, due to their cultural, religious, ethnic and (?) agreements, non-Catholics a race? Their culture is quite old and their history is very deep. And, though not so old, the Mormon church is very involved in every aspect of their members live. Would not that qualify them as a race? I do not so much now, because I have not worked for more than 15 years, but does anyone remember how "religious" some women would practically run into the K-Mart to go to the "Blue Light Specials", as in making it there in time, they would be granted "Absolution" and some help from their unending financial woes? "Ohhh, God is good!" was written into their eyes:)
Ashnekazi Shepardic Jews and Jews are in fact different racial groups.
Video from Wal-Mart’s Special Edition HSM 2 Soundtrack
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RARE NRFB Wal-Mart Disney Holiday Cinderella Special Ed $63.75 |
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VINTAGE 1997 SHOPPING TIME TERESA BARBIE – WAL MART EXC – SPECIAL EDITION – NRFB $50.00 |
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BARBIE – WAL*MART 35th ANNIVERSARY BARBIE – SPECIAL EDITION BARBIE DOLL $29.99 |
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NIB Barbie Party Party Party 2001 Wal-Mart Special Ed. $29.99 |
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SHOPPING TIME BARBIE WAL-MART Special Edition Doll Flowers Perfume Shoes Vintage $39.95 |
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Wal Mart’s Special Edition Sweet Magnolia Brunette & Blonde Barbie Dolls $29.99 |
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#2520 NRFB Mattel K-Mart Stores Pretty in Purple Special Edition Barbie $29.25 |
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ITS MY BIRTHDAY K-MART SPECIAL EDITION BARBIE NRFB $29.95 |
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BARBIE – PRETTY CHOICES BARBIE – A WAL*MART SPECIAL EDITION BARBIE DOLL $24.99 |
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Skating Star Barbie – Wal Mart Special Edition $30.00 |
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Retired Collector Country Bride Barbie Wal-Mart Special Edition 1994 NRFB $29.95 |
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COUNTRY BRIDE BARBIE DOLL BLONDE WAL*MART SPECIAL EDITION FREE USA SHIPPING $32.99 |
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TOOTH FAIRY BARBIE DOLL BLONDE WAL*MART SPECIAL EDITION FREE USA SHIPPING $32.99 |
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BARBIE SKATING DREAM BLONDE WAL*MART SPECIAL EDITION FREE USA SHIPPING $32.99 |
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Country Western Star Barbie Wal-Mart Special Edition $24.95 |
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NIB Wal Mart Special Edition Jewel Skating Barbie Doll Toy $32.39 |
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Wal*Mart Special Edition Toothfairy Barbie #11645 1994 $25.99 |
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Barbie PORTRAIT IN BLUE – Wal Mart Special Edition – RED Hair [NRFB] $19.75 |
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BARBIE – SHOPPING TIME – A WAL*MART SPECIAL EDITION DOLL $19.99 |
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BARBIE – TOOTHFAIRY – A WAL*MART SPECIAL EDITION BARBIE DOLL $19.99 |
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Shopping TIme Barbie Teresa Wal-Mart Mattel doll special Edition NIB $19.99 |
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1990 Dream Fantasy Barbie Doll Wal-Mart Special Limited Edition NRFB NEW $24.88 |
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BARBIE WAL – MART 30 ANNIVERSARY SPECIAL LIMITED EDITION *** NEW *** $29.99 |
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1996 WAL*MART SPECIAL EDITION PRETTY CHOICES BARBIE DOLL BLONDE FREE USA SHIP $29.99 |
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Special Edition Country Bride Barbie Wal-Mart ’94 #403 $19.99 |
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NRFB Collectible Vintage Barbie Skating Star WalMart Special Edition Rare 1995 $29.99 |
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New Portrait in Blue Barbie Doll Auburn Hair Wal Mart Special Ed Store Exclusive $29.95 |
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MINT SPECIAL K MART EDITION MARCH OF DIMES WALK AMERICA BARBIE DOLL VG++ In box $19.99 |
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Wal-Mart Superstar Barbie Doll Blonde Pink Dress 1993 Special Edition NRFB Movie $18.90 |
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#2527 NRFB Mattel Wal-Mart Stores Toothfairy Barbie #2 Special Edition $16.25 |
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1997 35th Anniversary Walmart Barbie Doll #17245 Special Edition Wal Mart NIB! $25.00 |
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SHOPPING TIME BARBIE BLONDE DOLL WAL*MART SPECIAL EDITION FREE USA SHIPPING $24.99 |
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BARBIE PORTRAIT IN BLUE WAL-MART SPECIAL EDITION – FREE SHIPPING $24.99 |
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Country Bride Brunette Barbie Wedding Dress Wal-Mart Special Edition NRFB 1994 $16.95 |
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WAL MART SPECIAL EDITION COUNTRY WESTERN STAR SN 12097 $15.00 |
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Wal Mart Special Edition Portrait In Blue Barbie Doll $15.00 |
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1995 BARBIE SKATING STAR Wal-Mart Special Edition $14.99 |
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SPecial Edition, Wal*Mart Skating Dream Barbie #17244 1996, New In Box $23.95 |
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1997 WAL-MART SPECIAL EDITION “SHOPPING TIME BARBIE” $12.99 |
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1989 Lavender Looks Barbie doll – Wal-Mart special limited edition item #3963 $21.49 |
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WAL-MART SPECIAL EDITION SKATING STAR BARBIE HOLIDAY BN $15.99 |
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Barbie Tooth Fairy 1994 Special Edition Wal-Mart Pouch Costume Brush Doll Mattel $14.99 |
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1997 Wal Mart Shopping Time Barbie She carries Walmart Bag Special Edition $13.50 |
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Shopping Time Barbie-Special Edition Wal-Mart $10.00 |
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TOOTH FARIY BARBIE 1994 WAL-MART SPECIAL EDITION NIB $19.99 |
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BRAND NEW IN BOX WAL-MART 35TH ANNIVERSARY BARBIE DOLL – SPECIAL EDITION 17245 $19.99 |
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COUNTRY BRIDE BARBIE Wal-Mart Special Edition Doll wedding dress white vintage $19.97 |
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Wal Mart 35th Anniversary Barbie Doll – Special Edition 1997 $19.95 |
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1997 Portrait in Blue Barbie-Wal-Mart Special Edition-Mint! NIB $19.95 |
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2001 SPOT SCENE BARBIE WAL*MART SPECIAL EDITION $11.99 |
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Sweet Magnolia Barbie Special Edition Wal Mart #15652 $18.99 |
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Barbie Skating Star Wal Mart Special Ed. Mint in Box $11.25 |
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Barbie Doll Wal Mart 30th Anniversary Star Special Limited Edition 1992 Mattel $14.44 |
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Barbie Doll Superstar Wal Mart 1993 Special Edition Mattel $14.44 |
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SWEET MAGNOLIA BARBIE, WAL-MART SPECIAL EDITION, 1996. NEW IN BOX $18.04 |
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1996 Special Edition Wal-mart Sweet Magnolia Barbie $12.95 |
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Special Edition Mattel BARBIE Wal Mart 35th Annniversary Doll NIB $7.99 |
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1994 TOOTHFAIRY BARBIE DOLL #11645~Wal Mart Exclusive~Special Edition~NEW $9.95 |
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Barbie Doll Purses Galore 2002 NIB #57612 Wal-Mart Special Edition $9.99 |
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1996 WAL-MART EXCLUSIVE SKATING BARBIE SPECIAL EDITION $9.00 |
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Kelly Pink Crayon Barbie Wal-Mart Special Edition Color Crayola 2003 Costume HTF $11.95 |
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WAL-MART SUPERSTAR BARBIE DOLL. SPECIAL EDITION, NIB $15.19 |
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35TH ANNIVERSARY 35 TH BARBIE NEW IN PACKAGE WAL MART SPECIAL EDITION $14.00 |
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1995 SKATING STAR BARBIE. SPECIAL WAL MART EDITION. $13.00 |
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Wal-Mart 30th Anniversary Star Barbie (1992) Mattel Special Edition $4.99 |
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COLOR KELLY, WAL MART SPECIAL EDITION, 2003. NEW IN BOX $12.34 |
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2003 BARBIE KELLY Wal-Mart Special COLOR BLUE Jenny $5.99 |
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BARBIE – Skating Star Barbie- Wal*Mart Special Edition – NEW in Box – NRFB $2.99 |
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DREAM FANTASY BARBIE WAL-MART SPECIAL #7335 NRFB 1990 $49.95 |
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1989 Lavender Looks Barbie – Wal-Mart special limited e $35.00 |
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1993 Superstar Wal Mart Special Edition ★NRFB★ (Z24) $34.50 |
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BARBIE DOLL 1995 WAL-MART SPECIAL EDITION SKATING STAR $29.95 |
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WAL MART 35th ANNIVERSARY Special Edition Barbie – 1997 MIB $29.95 |
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1997 Wal-Mart PORTRAIT IN BLUE Barbie Doll Special Edition #19355 *NEW NRFB* $27.95 |
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1989 K-Mart PEACH PRETTY Barbie Doll Special Limited Edition #4870 *NEW NRFB* $26.95 |
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Country Bride Barbie Wal-Mart Special Edition 1994 MIB $24.99 |
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Mattel Lavender Locks Barbie Doll – Wal-Mart Special Limited Edition $24.99 |
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BARBIE COUNTRY WESTERN STAR WAL-MART SPECIAL EDITION $24.95 |
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1989 Lavender Locks Barbie Wal-Mart Special Limited Edition ★NRFB★ (Z1) $23.95 |
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1997 Wal-mart 35th ANNIVERSARY Barbie Doll Special Edition #17245 *NEW / NRFB* $22.95 |
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NRFB Shopping Time Barbie Wal*Mart Special Edition $20.00 |
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SKATING STAR BARBIE, WAL MART SPECIAL EDITION, 1995 $20.00 |
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Barbie – Wal-Mart Special Edition 1996 Sweet Magnolia Barbie – NIB $19.09 |
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1996 SWEET MAGNOLIA BARBIE, WAL MART SPECIAL EDITION $15.00 |
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Barbie Doll Wal*Mart Toothfairy Special Edition 1994 NRFB/MIB 11645 $15.00 |
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Skating Star Barbie Wal-mart Special edition – 1995 $15.00 |
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Barbie 1995 *SKATING STAR* Wal Mart Special Edition *NEW* $13.50 |
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1994 Blonde Barbie COUNTRY BRIDE Wal-Mart Special Edition #13614 NRFB $12.95 |
