Walmart, traditionally known for low prices, is experiencing growth fueled by wealthier customers. Over the past two years, the retailer has seen an increase in shoppers with six-figure incomes, making up 75% of market share gains in the fiscal third quarter, according to CEO Doug McMillon. These affluent customers are boosting Walmart’s e-commerce sales and newer revenue streams like the subscription-based Walmart+ and advertising business Walmart Connect. Despite a potential stigma about shopping at big-box stores, Walmart’s digital services have attracted these shoppers, offering convenience and savings. The company has also expanded its product selection, including premium beauty brands and luxury handbags. To maintain this customer base, Walmart is remodeling stores with brighter lighting and wider aisles, while introducing new brands. Although Walmart attracts higher-income shoppers, it still lags behind competitors like Target and Amazon in this demographic. However, its grocery department remains a strong advantage. — news from CNBC
