Walmart President and Chief Executive Officer Greg Foran has announced new measures aimed at reestablishing price gaps over its rivals in an attempt to remain competitive as global commodity prices continue to drop.
"While we have pockets of leadership, in more competitive markets our gap is too small. And against some competitors we are beaten," Foran said, according to Reuters.
"...by the time we hit holiday season our stores are clean, tidy, well-merchandised and run by engaged associates. Today in the main we are not," Foran said of the necessary improvements needed for the retail chain.
Aside from making investments in customer service improvements, the company has also worked to raise the wages of 1.3 million employees around the country. Walmart will raise its minimum pay to $10 per hour next year, up one dollar from its original $9 per hour.
The company is also launching new health initiatives aimed at providing fresher produce and offering healthier options.
Walmart made headlines for its rebranding strategy this week after company officials posted a statement on Twitter mentioning that the governor of Arkansas should reject legislation that would allow discrimination against LGBTQ people.
The bill's passage "threatens to undermine the spirit of inclusion present through the state of Arkansas and does not reflect the values we proudly uphold," Walmart official Doug McMillon wrote on Twitter.
Walmart was founded in 1962 and is headquartered in Rogers, Arkansas.
