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

My life has been largely spent in affairs that required organization. But organization itself, necessary as it is, is never sufficient to win a battle.

The stores are an asset, and they have a great assortment in them and they're close to people. Being within 10 miles of 90% of America is a huge advantage, especially with fresh food at a good price. But we must also, if you think long-term and you think about what the company wants to accomplish, you must have a big and important first-party e-commerce business, and you must have a marketplace, and the things that go along with the marketplace.

One of the technology leaders, a few years ago, was visiting with me here and we were writing on the whiteboard and they stopped and turned around and looked at me and said, "Oh my God, you're going to win." And I said, "Yeah, but why?". "Now, tell me how".

The keys of a fortress are always well worth the retirement of the garrison when it is resolved to yield only on those conditions. On this principle it is always wiser to grant an honorable capitulation to a garrison which has made a vigorous resistance than to risk an assault.

I think that people that shop Walmart frequently and love the brand the most find it very natural to come to us first for e-commerce. But for others that may shop around or not have chosen to shop at Walmart in the past, you get what you earn, and our opportunity to earn their business starts with winning their grocery and consumables basket.