A2 - Walmart FINAL.pdf

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Alexis DE SOUSA FEG380Analysis of Corporations Assignment 2

Daniel RIOS Group 5Diego BURILLO

Roger VENDRELL

1

FEG380Analysis of Corporations

Assignment 2


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Index

INTRODUCTION ....................................................................................................................................3-4

TRIANGLE MODELS..................................................................................................................................5

FINANCE .................................................................................................................................................... 5-10

OBJECT .................................................................................................................................................... 10-12

SUBJECT ................................................................................................................................................... 13-17

CONCLUSION ..........................................................................................................................................18

REFERENCES ...........................................................................................................................................18


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IINTRODUCTION

Wal-Mart Stores, Inc. is the world's largest retailer and grocery chain by sales. Wal-Mart is so

large that its almost 50% more than its 5 closest competitors combined, includingTarget

(TGT) andSears Holdings (SHLD).Because of its huge size and buying power, Wal-Mart can buy its

products at rock-bottom prices, exchanging high purchase volumes for low cost while passing the

savings onto its customers. Many suppliers give in to Wal-Mart's pressure because they depend on

thediscount retailer for a majority of their sales.

Today, this retailing pioneer has annual revenues of over $400 billion, 8,000 stores and more

than 2.2 million employees worldwide. Wal-Mart operates each store, from the products it stocks, to

the front-end equipment that helps speed checkout, with the same philosophy: provide everyday low

prices and superior customer service. Lower prices also eliminate the expense of frequent salespromotions and sales are more predictable.

Wal-Mart has invested heavily in its unique cross-docking inventory system. Cross docking

has enabled Wal-Mart to achieve economies of scale which reduce its costs of sales. With this

system, goods are continuously delivered to stores within 48 hours and often without having to

inventory them. This allows Wal-Mart to replenish the shelves 4 times faster than its competition.

Wal-Mart's ability to replenish their shelves four times faster than its competition is just another

advantage they have over competition. Wal-Mart leverages its buying power through purchasing in

bulks and distributing the goods on its own. Wal-Mart guarantees everyday low prices and considers

them the one stop shop.

History

The company was founded by Sam Walton in 1962, incorporated on October 31, 1969, and

publicly traded on the New York Stock Exchange in 1972. It is headquartered in Bentonville, Arkansas.

Wal-mart is also the largest grocery retailer in the United States. In 2009, it generated 51 percent of

its US$258 billion sales in the U.S. from grocery business. It also owns and operates the Sam's Club

retail warehouses in North America.

In the late 1980s and early 1990s the company rose from a regional to national giant. By1988, Wal-Mart was the most profitable retailer in the US and by October 1989 it had become the

largest in terms of revenue. Geographically limited to the South and Lower Midwest up to the mid-

1980s, by the early 1990s Wal-mart's presence spanned coast to coast - Sam's Club opened in New

Jersey in November 1989 and the first California outlet opened in Lancaster on July 28, 1990. A Wal-

mart in York, Pennsylvania was opened in October 1990 bringing the main store into the Northeast.

Business Segments

Wal-Mart operates 8,000 stores across three business segments of retail stores worldwide

that offer a wide array of general merchandise includinggroceries,apparel,electronics, and small
http://www.wikinvest.com/wiki/Target_(TGT)http://www.wikinvest.com/wiki/Target_(TGT)http://www.wikinvest.com/wiki/Sears_Holdings_(SHLD)http://www.wikinvest.com/wiki/Off-price_Retailhttp://www.wikinvest.com/wiki/Grocery_Storeshttp://www.wikinvest.com/wiki/Apparel_-_Clothinghttp://www.wikinvest.com/wiki/Apparel_-_Clothinghttp://www.wikinvest.com/wiki/Grocery_Storeshttp://www.wikinvest.com/wiki/Off-price_Retailhttp://www.wikinvest.com/wiki/Sears_Holdings_(SHLD)http://www.wikinvest.com/wiki/Target_(TGT)http://www.wikinvest.com/wiki/Target_(TGT)


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appliances. In addition, the company is the world's largest retailer and grocery chain by sales and just

over half of the company's sales comes from grocery items. Over half of the company's stores are

located in the United States, with the majority of international stores located in Central and South

America andChina.

Wal-Mart Stores (63.8% of Revenue)

Wal-Mart stores come in one of three traditional formats:

Supercenters average about 185,000 square feet in size and carry general merchandise and

include a supermarket.

Discount Stores average approximately 108,000 square feet in size and carry a wide assortment

of general merchandise, but a limited assortment of food products.

Neighborhood Stores are usually about 42,000 square feet in size and carry a limited assortment

of general merchandise, but have a full supermarket.

Sams Club (11.5%of Revenue)

It provides goods for stores, restaurants, offices, daycares and schools, and motels. Sams

Club management remains focused on growing this foundation and improving its relationships with

small business owners. To this end, the company has expanded its offerings of office furniture and

restaurant supplies. The company also has services geared towards small business, such

asprescription drug plans and workers compensation claims.

Wal-Mart International (24.7% of Revenue)

Wal-Mart operates international locations of its Wal-Mart and Sam's Club stores as well as other

retail and supermarkets in Central and South America, Mexico, Canada, Japan, China, and the UnitedKingdom. The company also has a global e-commerce unit called Global.com. The purpose of the site

is to drive online growth in new and existing markets.
http://www.wikinvest.com/wiki/Chinahttp://www.wikinvest.com/wiki/Superstoreshttp://www.wikinvest.com/wiki/Generic_drugshttp://www.wikinvest.com/stock/Wal-Mart_(WMT)?action=edit&section=5http://www.wikinvest.com/stock/Wal-Mart_(WMT)?action=edit&section=4http://www.wikinvest.com/stock/Wal-Mart_(WMT)?action=edit&section=3http://www.wikinvest.com/wiki/Generic_drugshttp://www.wikinvest.com/wiki/Superstoreshttp://www.wikinvest.com/wiki/China


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III - Triangle models:

Finance

The Square model

Now we are going to continue with the third part of the triangle model: the finance cornerstone. The

square model allow us to study their financial situation with a simply scheme. We tried to focus our

analysis in the differences between the big numbers given by Wal-mart, and the official

information published in the financial statements. Thus, we will try to study the evolution of the

Balance Sheet and the Income statement during the last six years using the financial information

given from 10-k provided by Security Exchange Commission (SEC).

The Balance Sheet

As we can see in the chart, the tendency of the assets during these years was a slowly increase, but in

the last two years, this tendency has grown. This increase has been backed up by both current and

non-current assets. If we compare figures of 2007 and 2012, the total assets increased by 24.21%,

while the non-current and current assets increased by 23.49% and 25.96% respectively. As we can

see, the assets structure of the company hasnt changed very much while they have been growing.

Analyzing the liabilities and equity of Wal-mart,

we can observe that both have increased aligned

to the growth of assets. As it happened with the

assets, we can observe that liabilities and equity

increased both in a similar percentage, but we

can appreciate liabilities gained impact in the

balance sheet, mainly because of the non-

current liabilities, that have increased by a

27.31%, while the current and total liabilities and

equity have increased by 24.63% and 22.83%

respectively.

It is remarkable if we analyze the equity that the total non-

controlling interests have increased considerably. Its size

represents a very small percentage of the total equity but in

six years the amount have increased by a 178%, growing up

to a total of $5395 million.

Revenues

401.244

Liabilities

98.906

Equity

64.608

Costs 306.158 Profit 95.086

0

50

100

150

200

250

2007 2008 2009 2010 2011 2012

Billion$

The Balance Sheet

Total assets Total liabilities Total equity

Assets

163.514

YEAR 2008

(million $)


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The Income Statement

As we can see in the chart, the solid position of Wal-mart is reflected in the figures. Even with thecrisis, the company has been able to keep

increasing their revenues, at the same time

the profit margin was stable, and starting to

increase during the last 2 years.

As the current crisis environment that

surrounds most of the modern countries the

performance of the company is remarkable.

The evolution percentages could help to have

an idea about the total growing. All the items

have a positive evolution, but the most

striking is seen in the revenues. This is

explained by the expansion of Wal-mart, in

national and international territory where it has been opening stores every year. This also comes

with the increase of costs, but as they increase in a smaller percentage than revenues (23.05% versus

24.45%) it is a good sign.

Analyzing last year, 2012, we can observe the same

tendency as in other years: the company grows in all its

aspects with similar percentages. Compared to 2011, assets

increased by a 5.01%, due mainly to the increase of current

assets by a 9.03%. This increase in the assets has been

financed mainly by current liabilities, which increased by a

15.28%, while companys non-current liabilities have been

reduced by a 10.76%. These changes have made the

company more dependent of short-term payments, as it

will have to face big amount of debt during the coming

years. Besides that, the total liabilities of the company haveincreased in a small percentage, only a 3.08%, while the

total equity increased by a 7.89%.

This year the profit has grown a 4.51% compared to 2011 results. The growing percentages

continued in all the income statement. Revenues and costs of the firm have increased a 5.02 and a

5.18 percent points respectively, allowing the company to increase the profit in the percentage

mentioned before. Its not a good sign for a companyhaving a bigger increase of the costs than the

revenues, but as the difference is almost insignificant (0.16%) is not a reason to worry about.

0

100

200

300

400

500

2007 2008 2009 2010 2011 2012

Billion$

Income Statement

Revenue Costs Profit

Revenues

466.114

Liabilities

120.848

Equity

81.738

Profit 113.626

Assets

03.105

YEAR 2012

(million $)

Costs 352.488


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Key Ratios

After using the Square model to analyze financial aspects. Those ratios are ROA (Return on Assets),

ROE (Return on Equity), Solidity and Earnings per Share.

Return on Assets

ROA =

ROA indicates how profitable a company is relative to its total assets and gives an idea of how

effectively it is converting the money it has to invest into net income. The higher ROA- the better,

because company earns more money on less investment.

2012 2011 2010 2009 2008 2007

Return on Assets (ROA) 8.37% 8.12% 9.07% 8.40% 8.20% 7.79%

As we can see ROA of Wal-mart fluctuated during the period from 2007 until 2012. The ratio was on

its highest level of 9.07% in 2010 and decreased in the next year, to increase to the amount in 2012

of 8.7%.

Overall we can say that Wal-mart management is operating with its assets quite efficient because

even with fluctuation in crisis period ROA remained above 8%, what is a good figure.

Return on Equity

ROE =

We can define the Return on equity as the amount of net income returned as a percentage of

shareholders equity. Return on equity measures a corporation's profitability by revealing how much

profit a company generates with the money shareholders have invested.

The ROE is useful for comparing the profitability of a company to that of other firms in the same

industry.

2012 2011 2010 2009 2008 2007

Return on equity (ROE) 22.27% 22.01% 23.91% 20.26% 20.53% 19.70%

If we analyze the ROE of Wal-mart we can see they reached a peak of 23.91% in 2010, as it happened

with ROA, what means that a company had that percentage of net income for every dollar invested

by their shareholders and it made quite attractive for investors. As it happened with the ROA, the

ratio decreased during 2011 by a 1.9%, but increased again in 2012.


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Comparing to other retailing companies, we

can see that Wal-mart has an average ROE.

For stable and successful companies a Return

on Equity of more than a 12% to 15% is

considered desirable, but the ratio strongly

depends on many factors such as industry,

economic environment (inflation,

macroeconomic risks, etc.). But a higher ROE

does not necessarily mean better financial

performance of the company. As shown

above, in the DuPont formula, the higher ROE

can be the result of high financial leverage,

but too high financial leverage is dangerous

for a company's solvency.

Solidity

Solidity =

Solidity or Equity ratio shows us the percent of the Total Assets that is covered by the Equity.

2012 2011 2010 2009 2008 2007

Solidity 40.24% 39.17% 39.44% 42.72% 41.04% 40.70%

Solidity ratio of Wal-mart is quite high, what means that the company tends to finance its activities

with the money that given by their shareholders. Solidity ratio performed the same trend as the

others ratios that we have already seen, it reached a peak of 42.72% in 2009 than there was a fall

during two year period and it increased again in 2012 to 40.24%.

Earnings per share

Earnings per share =

EPS is one of the most important ratios, it helps to evaluate the profitability of the company and

determines share price on the market.

2012 2011 2010 2009 2008 2007

Earnings per share 4.52 4.47 3.71 3.39 3.13 2.71

0%

5%

10%

15%

20%

25%

30%

35%40%

45%

ROE Q1 2013


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During the last six years EPS performed upward trend, EPS remained increasing constantly during

these years. All this makes Wal-mart quite attractive for investors.

The stock market

The historical evolution of the stock market

The 18thof October 2013, the value of a Walmarts share in the stock market was 75,71$. The

company entered in the stock market in the 70s, more precisely in 1972, and had obviously

extremely increased his value since its beginning.

We can highlight different main periods of evolution since the entrance in the stock market.

From 1972 to 1992 we show that the value increase slowly and regularly to achieve of value of 16$ in

October 1992. Then, the value will a little bit decrease until October 1997 to 11.38$.

And after that, Walmart recorded a real explosion of its value in the stock market, reaching a

value of 69.12$ per share in October 1999, otherwise a increase of more than 500%. This period can

partially be explained by the radical change in Woolworth Company, which leave the global retailing

to the sporting goods market.

Since this period, Wal-mart constantly recorded variations from July 2009 and July 2011, with

values respectively from 48.13$ to 51.90$. And then, the value of the share restarted to increase

again to reach the current value of the share of 75.71$.

The market value in a crisis context

Focusing on the period 2008, we can observe that the value of the share has not really

suffered of the financial and economic crisis. Of course we can see that there is a real decrease from


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September to October 2008 with values from 62.41$ to 50.95$, but after that the value of the share

in the stock market stagnated July 2011 and increase until now.

Object

The main activity of Wal-mart is aiming for goods retailing, offering a wide range of products

divided in the next categories:

- Electronics & Office (computers, cell phones, digital cameras, iPods, business furniture)

- Movies, Music & Books

- Home, Furniture & Patio (all sort of home furnishing)

- Apparel, Shoes & Jewellery (baby, young and adult)

- Baby & Kids (clothes and accessories)

-Toys & Video Games

- Sports, Fitness & Outdoors

- Auto & Home Improvement (accessories for auto and home such as auto batteries or air

conditioners)

- Photo & Gifts

- Crafts & Party Supplies

- Pharmacy, Health & Beauty (vitamin, bath, makeup)

- Grocery, Household & Pets

But the activity of the company is not limited only to good retailing, so Wal-mart also offer the

following services;

- Photo services (photo lab services inside stores and online)


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- Pharmacy (is a recent service offered since 2006 which includes over 300 generic

medications and customers prescriptions for a mere $4)

- Financial services (these services includes credit cards, debit cards, bill payment, money

transfers, check cashing and check printing)- Wireless service (this is a Wireless phone service due to a partnership with service provider

T-Mobile)

Focusing on goods retailing, Wal-mart offersstore brands or generic brands-, which are low-

priced alternatives to name brand products. Many products offered under Wal-mart brands are

private label products. However, the problem is that store brands have less information on the label

than is found on real private label products, so the consumer does not know for sure it is identical to

the private label implied by the packaging design. Often, the only information about it is distributed

by Wal-mart.

Its estimated that about 40% of products sold in Wal -mart are private label store brands, orproducts offered by Wal-mart and produced through contracts with manufacturers. The first private

label brand launched by Wal-mart was a brand mostly dedicated to drinks called Sam's Choice in

1991, produced by Cott Beverages exclusively for Wal-mart. Nowadays, it has become one of the

most popular beverages in the United States. Other major brands we can find in Walmart are Great

Value (launched in 1993 as the second tier of Wal-mart's grocery branding strategy), Equate (a brand

used for consumable pharmacy and health and beauty items), Mainstays (a brand dedicated to home

dcor), Ol' Roy (a brand of dog food), Dr. Thunder (a brand of soft drink similar to Dr. Pepper), Special

Kitty (a brand of cat food and other cat care products), Parent's Choice (a brand for all kind of baby

products), White Stag (a brand for women's clothing, footwear and jewellery) and George (formal

clothing for men, women and children).

There are other additional brands such as Faded Glory, No Boundaries, Simply Basic or

Hometrends, as well as former brands such as Athletic Works, Durabrand, Metro 7 or Existo.

Speaking about Wal-marts pricing strategy, it follows the slogan "Low prices, always", used from

1962 until 2006. It means that the basis of the business is not only temporary promotions or

discounts, but everyday low prices. This leads to an average consumer with a low purchasing power,

and this fact is intensified by the economic crisis.

One of the reasons why Wal-mart can do it is because of the minimal cost required in terms of

advertising, marketing and promotional expenses typically incurred by the national brands.

Moreover, in terms of quality these products are quite similar compare to products from national

brands and competitors.

Another reason for this low-pricing strategy is related to Wal-marts supply chain management,

using a logistics technique known as cross docking: is a practice to load the products directly into

outbound trucks, trailers, or rail cars, with little or no storage in between, reducing labour costs,

inventory holding costs and warehousing costs. Thus, products are routed from suppliers to Wal-

marts warehouses, where they are then shipped to stores without sitting for long periods of time in

inventory. This is an effective way to reduce costs significantly and they passed those savings on to

their customers with highly competitive pricing.

On the other hand, in the last years the company has expanded their activities: in 2001 the

company teamed withProcter & Gamble to produceSecrets of the Mountain andThe Jensen Project

(two-hour family movies which featured the characters using Wal-mart and Procter & Gamble
http://en.wikipedia.org/wiki/Store_brandhttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Private_labelhttp://en.wikipedia.org/wiki/Private_labelhttp://en.wikipedia.org/wiki/Store_brandhttp://en.wikipedia.org/wiki/Sam%27s_Choicehttp://en.wikipedia.org/wiki/Cotthttp://en.wikipedia.org/wiki/Procter_%26_Gamblehttp://en.wikipedia.org/wiki/Secrets_of_the_Mountainhttp://en.wikipedia.org/wiki/The_Jensen_Projecthttp://en.wikipedia.org/wiki/The_Jensen_Projecthttp://en.wikipedia.org/wiki/Secrets_of_the_Mountainhttp://en.wikipedia.org/wiki/Procter_%26_Gamblehttp://en.wikipedia.org/wiki/Cotthttp://en.wikipedia.org/wiki/Sam%27s_Choicehttp://en.wikipedia.org/wiki/Store_brandhttp://en.wikipedia.org/wiki/Private_labelhttp://en.wikipedia.org/wiki/Private_labelhttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Store_brand


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But Wal-mart is really criticized for their policy with the employees. Their worldwide power

put the company in a too strong position against their suppliers to get the lowest prices but also

against their employees. In fact, the firm has been criticized and attacked because of the

compensations, the working conditions, the discrimination and the lack of trade-unions for their

employees.

This very strong policy explains for example a really high turnover of 37%, knowing that the

average turnover of companies is between 15% and 20%. This very rapid turnover also explain the

complete lack of trade-unions, it is really difficult to organize unions without constant employees.

Ownership structure

The owners of Wal-mart are principally Institutions with 86.24% of the shares, whereas 13.25% are

owned by funds and 0.52% by insiders.

Moreover, Wal-mart is owned principally by the Walton family, more precisely by the Walton

Enterprises LLC. They have 48.94% of the shares of the company through this institution. The family

is extremely powerful, the rest of the company is owned by thousands of different owners with less

than 3% of the shares each. These results can explain the difference between the institutions and the

funds.

86.24%

13.25%

0.52%

Institutions

Funds

Insiders

0.00

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

Institutions Funds Insiders

Institutions

Funds

Insiders

Ownership StructureMil USD


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The current chairman is the son of Sam Walton, the founder of Wal-mart. He is Robson Walton (Rob

Walton), whereas the current President and Chief Executive Officer of Wal-mart Stores Inc. is Mike

Duke. Here is the board of directors.

0.00200,000,000.00400,000,000.00600,000,000.00800,000,000.00

1,000,000,000.001,200,000,000.001,400,000,000.001,600,000,000.001,800,000,000.00

Equity Ownership (Institutions) in shares


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Resources

The term resources in the context of a company could be very large. It can include the

assets, the organization, the management, or knowledge for example. But these resources must

permit to get and to hold a sustainable competitive advantage and that is why the resources must

have four attributes: it must be valuable, rare, imperfectly imitable, and there cant be a

strategically equivalent substitute.

According to this definition of the resources, we can highlight two strategic and principal

resources for Wal-mart Stores Inc: its low prices and its leadership.

Save money. Live Better says de slogan. In fact, Wal-mart is very big by its size and its

amount of revenue. Wal-mart is the third company in the world comparing the revenues. And this

situation turns it very influential, as they are in a situation extremely powerful against the suppliers,

the employees and even the local authorities. It allows them offering the lowest prices in any

situation by reducing purchase prices and employees costsbut it also allows them making easier any

establishment by pressuring the local authorities, like it happened in Chicago. This situation offers to

Wal-mart a very favorable situation to reduce always more the prices, especially producing in China

even if the working conditions, the salaries and more generally the employees situation is really

disputed.

0

100

200

300

400

500

600

20 biggest companies (Revenues in $Billion)


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The total leadership of Wal-mart is also a strategic point which can be considered as a

resource. We can highlight the competitive situation of the firm.

Domestic Competitors

Target (TGT) is Wal-Mart's most direct competitor, offering a range of general merchandise in

asimilar store format (standard Targets, with limited food offerings, compare to Wal-Mart's discount

stores, and Supertargets compare directly to supercenters). Targets major competitive advantage

over Wal-Mart lies in its customer base: the average household income for Target customers is about

$50,000 a year, whereas the average yearly income for a Wal-Mart customer is only $35,000. Finally,

because of its focus on low prices, Wal-Mart has found it difficult to promote higher-quality items

orprivate labels that come in at a higher price point; meanwhile, Target has had success with its

quality-at-value-prices strategy among higher-income demographics, where price is not the only

influence on sales. This higher-income customer base gives Target more stability than Wal-Mart,

particularly asenergy costs rise and thereal estate market slows.Kmart (SHLD),as the third discount retailer of the "Big Three", has seen steadily declining

sales since 2000, losing considerable market share to both Wal-Mart and Target.

Other Retailers

As a large-scale retailer, Wal-Mart competes with a wide variety of other, specialized

retailers, such asSafeway in groceries, Best Buy (BBY) in consumer electronics, and department

stores such asMacy's in apparel and home decor. Wal-Marts focus on price differentiation means

that these companies, while competing in overall market share, are not necessarily competing for the

same type of customer; however, in more volatile or price-sensitive markets, such as consumer

electronics, discounters like Wal-Mart are able to leverage their pricing advantage and applyincreasing pressure on other retailers.

Sam's Club directly competes withCostco Wholesale (COST) andBJ's Wholesale Club (BJ) in

the warehouse club sector, where Costco has the advantage in terms total sales.

International Competitors

Wal-Mart's major international competitors are Britain's Tesco, France's Carrefour, and

Germany's Metro. Each of these companies has a competing presence inChina, the UK, and Japan,

with Wal-Mart contending with at least one of them in many of its other markets.

050,000

100,000150,000200,000250,000300,000350,000400,000450,000500,000

Revenues in 2012 (million $)
http://www.wikinvest.com/wiki/Target_(TGT)http://www.wikinvest.com/wiki/Superstoreshttp://www.wikinvest.com/wiki/Private_Label_Trendshttp://www.wikinvest.com/wiki/Oil_Priceshttp://www.wikinvest.com/wiki/Residential_Real_Estate_Priceshttp://www.wikinvest.com/wiki/Sears_Holdings_(SHLD)http://www.wikinvest.com/wiki/Safewayhttp://www.wikinvest.com/wiki/Best_Buy_(BBY)http://www.wikinvest.com/wiki/Federated_Department_Storeshttp://www.wikinvest.com/wiki/Costco_Wholesale_(COST)http://www.wikinvest.com/wiki/BJ%27s_Wholesale_Club_(BJ)http://www.wikinvest.com/wiki/Rise_of_China%27s_Middle_Classhttp://www.wikinvest.com/stock/Wal-Mart_(WMT)?action=edit&section=12http://www.wikinvest.com/stock/Wal-Mart_(WMT)?action=edit&section=11http://www.wikinvest.com/stock/Wal-Mart_(WMT)?action=edit&section=10http://www.wikinvest.com/wiki/Rise_of_China%27s_Middle_Classhttp://www.wikinvest.com/wiki/BJ%27s_Wholesale_Club_(BJ)http://www.wikinvest.com/wiki/Costco_Wholesale_(COST)http://www.wikinvest.com/wiki/Federated_Department_Storeshttp://www.wikinvest.com/wiki/Best_Buy_(BBY)http://www.wikinvest.com/wiki/Safewayhttp://www.wikinvest.com/wiki/Sears_Holdings_(SHLD)http://www.wikinvest.com/wiki/Residential_Real_Estate_Priceshttp://www.wikinvest.com/wiki/Oil_Priceshttp://www.wikinvest.com/wiki/Private_Label_Trendshttp://www.wikinvest.com/wiki/Superstoreshttp://www.wikinvest.com/wiki/Target_(TGT)


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