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Walmart is reportedly closing its innovation hub. It's the latest in retailer cost cuts.
WalmartWalmart(US:WMT) Market Watch·2024-01-20 06:20

Walmart Inc. will shut down Store No. 8, the big-box retailer’s startup incubator and innovation hub, the Wall Street Journal reported on Friday. It’s the latest move by a retailer to trim expenses and protect profits as shoppers continue to grapple with higher prices.Chief Financial Officer John Rainey told employees in a memo that much of what Store No. 8 did had already been incorporated into the company’s operations as a whole, the Journal said.“We’ve graduated capabilities from this operating approach ...