Wide-Moat Walmart's Value Proposition Poised to Win With a Cash-Constrained Consumer

With unrivalled scale, prodigious procurement strength, a strong brand, and a growing e-commerce platform, we surmise Walmart is the only American firm that can compete comprehensively with Amazon’s retail offering. We expect shoppers will require retailers to offer a menu of fulfillment options for sales made through digital and physical channels, advantaging Walmart’s dense store network, deep vendor relationships, and established brand.