Ex-Walmart US CEO Bill Simon Says Retailer Won't Keep Affluent Shoppers

Walmart shouldn’t count on keeping the affluent customers it has recently gained, the retailer’s former U.S. CEO Bill Simon said Thursday (May 16).Speaking on CNBC’s Fast Money, Simon said that when the economic situation picks back up, affluent shoppers will go back to retailers that provide a premium experience, CNBC reported Thursday.Currently, Simon said, factors like food inflation have led these shoppers to go to Walmart for convenience, cost and assortment. But as inflation recedes over the next two ...