Remarks as Prepared for H. Lee Scott, Jr.President and CEO, Wal-Mart Stores, Inc.
“Changing How We Change America” National Retail Federation , January 12, 2009
Thank you very much. It is good to be among friends … and competitors.
When I was invited to speak with you today, I am sure the expectation was for me to talk about Christmas sales. We have all had a tough Christmas. We have all just lived through it.
And we all know what it is like out there for retailers, for our suppliers and our customers.
There are also a few other things that have happened since I was invited to speak with you.
At Wal-Mart, our board elected Mike Duke to be our new president and CEO, and Doug McMillon to run our international division.
They’ll both take over next month.
And of course, the country selected Barack Obama as our new president.
He’ll take the Oath of Office in just over a week.
So with these things in mind, I would like to use this opportunity not to give a speech about Wal-Mart’s business.
Later on … I’m told Tracy will join me on stage and ask me some questions that have come from you.
So I am sure we will have a chance to talk about the business then.
But for now … I hope you will bear with me … as I go in a different direction.
I would like to talk about the big issues facing our country and the role that we can play as retailers.
I believe that all of us here -- and really every business -- has a responsibility and an opportunity to be part of solutions that help make this country stronger.
As we all know, President Obama will take office during one of the most challenging times in our nation’s history.
Much of his attention will be focused on creating jobs, stabilizing home prices, and restoring confidence in our economy … so, among other things, customers will shop our stores.
These are the right priorities.
We need bold and decisive action in each of these areas to get our economy moving again.
And I am confident that all of the liquidity and stimulus that the government is pumping into our economy will in fact make a difference.
But will that be enough?
I think the real challenge … actually, the real opportunity … is much bigger.
And it is this … how do we come out of this difficult period in our history as a stronger America?
If we as a country want to get through this time … and position ourselves to prosper and lead in the years ahead, then we need to tackle the hard issues.
Are we going to end the national embarrassment of 47 million uninsured and finally make health care in this country affordable for working men and women?
Are we going to end our addiction to foreign oil and put our country on an economically and environmentally sustainable path through alternative sources of energy?
And there is no better time than right now.
Are we going to end the shameful slide of our education system and offer our children the knowledge, training and opportunity they need and deserve?
To those who say that now is not the time for health care reform, for a new energy policy, for higher quality schools, for comprehensive immigration reform … I say you are wrong.
Are we going to solve the immigration problem in a way that secures our borders, respects the rule of law and shows a deep compassion that families deserve?
We cannot afford to postpone solving these problems.
Let me ask you … why didn’t we address these problems before?
From what I have learned in business … and from what I have seen in Washington … the hard questions rarely get asked during the good times.
Why didn’t we solve them two years ago when our stock market was above 14,000?
They are just too easy to ignore, too easy to avoid, too easy to put off when things are going well.
People are not willing to make sacrifices. They are not willing to put their own interests aside.
Eight years ago when we were a nation at peace in the world?
10 years ago when we had a federal budget surplus … a surplus?
I learned this at WalMart – during the good times and, most recently, during the tough times, as well. I believe this moment is an opportunity for America to put aside special interests and focus on the common good.
And I believe that those of us in leadership positions have a responsibility to recognize this.
Above all … we need to change how we bring about change in America.
What do I mean by that?
Over the last few years, a problem-solving vacuum has existed in Washington.
There has been too much partisanship … too much gamesmanship … too much selfishness.
And the American people are tired of it.
They are tired of Republican versus Democrat and liberal versus conservative.
They are tired of business versus labor and NGOs versus business.
They are tired of one side insisting on everything they want versus reasonable compromise to move the country forward.
The America people want their leaders to set aside their differences, find common ground and work together.
And they know that government cannot do it alone. No institution can.
The opportunity for a new problem-solving approach will soon be at a crossroads.
The new Congress and President bring high expectations for reform and change.
The temptation will be for everyone to choose sides, go into their corners and, when the bell rings, fight it out.
But as the American people know -- and all of us in business know -- you do not get things done that way.
You usually end up right where you started … with hard feelings on both sides … and little or no results.
So the question is … do we fall back to partisanship … gamesmanship … and selfishness?
Do the President-elect’s earliest supporters demand that their agenda get pushed through immediately and completely?
Do special interests refuse to yield on any part of their agenda -- regardless of the benefit to the common good?
Are Democrats in Congress going to focus on payback for eight years of a Republican White House?
Are Republicans in Congress going to block good legislation just to prevent a Democratic victory?
Or do we come together -- government, NGOs and business -- in a new approach to solving the big problems facing our country?
Do we build new relationships in our society and listen not only to people who agree with us, but those who do not?
This can work.
We have seen it work at Wal-Mart.
We have seen it in our efforts to become a more sustainable company -- where some of our best ideas have come from NGOs and former critics.
We have seen it with the Better Health Care Together coalition -- where we stood on the same stage with labor leaders and agreed that health care must be reformed.
Of course those of us in this room can only control the choices we make.
And I think the choice is clear.
As businesses, we have a responsibility to society.
We also have an extraordinary opportunity.
Let me be clear about this point … there is no conflict between delivering value to shareholders and helping solve bigger societal problems.
In fact … they can build on each other when developed, aligned and executed right.
At Wal-Mart, we do not really see it as philanthropy or CSR or the Triple Bottom Line.
All of those approaches have merit and can have an impact.
But what we are talking about is different.
We believe you can bring together the bottom line on a balance sheet … with social and environmental bottom lines.
Societal responsibilities and how we fulfill them can align and strengthen the business.
When you do that, things really start to take hold, build momentum and make a much bigger difference.
We have seen this at Wal-Mart when we have put together the “Save Money” and “Live Better” parts of our mission … and applied them to big challenges like the cost of prescription drugs.
And I believe this can apply to all of us.
The principles are very simple.
Does how you want to contribute to larger societal issues work with your business model – so it will last during the both good and bad economic times?
Does it fit with your mission and culture – so that all parts of your company are engaged, energized and contributing?
Does it offer the opportunity to leverage your unique strengths – so you can scale your efforts and make a unique, powerful and meaningful difference?
And we can make a special contribution as retailers.
We are closer to working men and women and how they live their daily lives than any other industry.
We listen. We have metrics. We are held accountable.
We know what makes a difference and what does not -- because our customers tell us everyday at our cash registers and our supply chain reaches all around the world.
And it does not have to be sustainability. And it should not just be about sustainability.
There are a lot of big issues out there.
There is just as great a need and opportunity -- whether it is health care, diversity, responsible sourcing, immigration, or any other.
This is especially true if we keep to the principles of putting solutions into the business.
Each and every retailer – each and every business – can participate and make a difference.
And if you do that in the way I have discussed today, I guarantee that you will be both a better business and a better company.
I know we are at WalMart.
And I know that together – with leaders in government and the NGO community – we can build a stronger America.
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