Company plans to increase sourcing of US products by $50 billion in 10 years
NEW YORK—Walmart is planning to increase domestic sourcing of the products it sells, as well as hiring more veterans. Walmart’s US President and CEO Bill Simon made the announcement recently at the National Retail Federation’s annual BIG Show in New York.
Walmart and its retail warehouse outlet chain Sam’s Club will buy an additional $50 billion in US products over the next 10 years. The company said it will grow US manufacturing on two fronts: by increasing what it already buys domestically in categories like sporting goods, apparel basics, storage products, games and paper products, and by helping to onshore US production in high-potential areas like textiles, furniture and higher-end appliances.
“At the heart of our national political conversation today is one issue: creating jobs to grow the economy,” said Simon. “We are meeting with our suppliers on domestic manufacturing and are making a strong commitment to move this forward.”
According to data from its suppliers, items that are made, sourced or grown in the US account for about two-thirds of what the company spends to buy products at Walmart US. The company said it has created a senior team to lead the effort and it will sign longer-term purchase agreements to give suppliers more certainty.