There are all these things that add up into this business that's Walmart that keeps it really interesting. At the root of it all, though, it's a people business and it's a merchandising business. Today, it's increasingly a technology business. The supply chain is critical, of course, and real estate still plays a key role.

Looking ahead, we will compete with technology, but win with people. We will be people-led and tech-empowered.

I think what we've seen happen so far is that as we've applied technology for the picking process in the store, for example, is that job composition has changed but we have about the same number of people.

We need to learn how to become a digital enterprise, but we understand that we're a company made up of 2.2 million associates, and that human interaction in the future will matter.

I bet you that over time, because we come up with new ideas to grow sales, we end up with about the same number of people making more money.

The kind of outcome we want is where associates are getting paid more and are supervising robotics instead of walking miles and lifting heavy items.