- "Walmart’s Saturday morning meetings have been a long-term fixture for the company. Once a month at 7:30 on a Saturday morning, the US retail giant’s top executives gather in an auditorium at its Bentonville headquarters. The required meetings have been described (paywall) as 'part evangelical revival, part Oscars, part Broadway show.' People bring their kids, and there’s a company cheer and awards for associates, as well as a more serious rundown of sales figures."
- "But according to a recent speech by Walmart’s SVP of change management, Celia Swanson, one of new CEO Doug McMillon’s first actions as CEO was to make those Saturday meetings optional—for the first time in the company’s history."
10-Second Hedgeye Retail Takeaway
It's been some time since Sam Walton famously wrote:
"If you don't want to work weekends you shouldn't be in retail."
Over the years, Walmart's mandatory Saturday morning meeting has morphed from a deep dive on numbers into a "dog and pony" show complete with celebrity acts. In 2008, the meetings moved from weekly to monthly. Now? Optional for all...
It may just be a sign of the times - heck even baseball, hot dogs, apple pie, and Chevrolet have become passé. But, according to the report, McMillon has taking the onus upon himself to reinvigorate an institution that has more or less become irrelevant.