At a moment when regulators, politicians and consumers are railing against companies getting too big, one behemoth has been growing under the radar: Walmart.
The big picture: Walmart already had its turn as the corporate villain in the 1980s. Now, as tech companies bear the brunt of the scrutiny, the retail giant is amassing wealth — earning $514.4 billion in revenue, the most of any company on Earth, in 2018.
What’s happening: “I don’t think anyone is paying attention to Walmart,” says Sally Hubbard, a director at the Open Markets Institute and a former assistant attorney general in New York’s antitrust bureau. “It’s just not on people’s minds because it isn’t considered the way of the future. … The government sees brick and mortar as more of a dying industry.”
But Walmart isn’t going anywhere. It has transformed into a 21st-century company that’s doing everything Amazon is doing — and it’s neck-and-neck with Amazon in a few high-tech areas that are considered the tech giant’s home turf, like drone delivery and same-day shipping.
Investigators are under intense political pressure from lawmakers and consumers to do something about Big Tech, says Hubbard. But “the political pressure just isn’t there to investigate Walmart. The places where Walmart has large grocery market share are not places where policy activists live.”