Charles Redfield, executive vice president for Walmart’s U.S. food division, recently spoke at an event for their local Chamber of Commerce in Bentonville, Arizona and outlined a few directions the mega-retailer is undertaking this year. He mentioned a new food lab and sensory kitchen they are creating to help food suppliers and Walmart improve on future food offerings. The food lab is scheduled for completion in late May and is expected to be unveiled during Walmart’s annual shareholders week in early June.
According to Redfield, Walmart U.S. grew its food market share by 1.3 per cent between 2011 and 2015. They also plan improvements in dry grocery and have hired 30 new managers to oversee a lot of changes for the fresh and frozen food categories.
He also noted two key customer segments Walmart will focus on this year: the 79-million millennial generation consumers and the growing Hispanic market. Now comprising just 18 per cent of the general U.S. population, Hispanics will represent 38 per cent of the growth in food sales they project.
Redfield was also careful to note that, unlike competitors such as Target and CVS who have been viewed as a tad dictatorial in their crusades for healthier options, Walmart is more driven by consumer demand than the need to be seen as a “green” retailer.
