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.

Invention is not enough. Tesla invented the electric power we use, but he struggled to get it out to people. You have to combine both things: invention and innovation focus, plus the company that can commercialize things and get them to people.

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

Information technology and business are becoming inextricably interwoven. I don't think anybody can talk meaningfully about one without the talking about the other.

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.

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.