CHAPTER FOUR
THE WAY TO PLAY
Since 1990, the largest retail chain in the world has been Walmart.1 It has more than 3,500 stores, more than three hundred product categories on its shelves, more than two million employees, and about one-third of the U.S. population visiting its stores each week. Dozens of books have been published about the chain, recounting the unique value proposition set forth by its founder, Sam Walton (“Save money, live better”) and its growth from a small-town Arkansas merchandiser to its immense scale and scope.
Most observers attribute the chain’s success to its impressive logistics operations, its ability to get vendors to fall in line, or its position as a low-cost retailer. But having one or two superior capabilities ...
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