Winner Sells All is not only a business book but a history book as well. And as such, one based on fact. Between early 2020 and early 2023, I conducted hundreds of hours of interviews with more than one hundred fifty people who shared key insights into how Amazon and Walmart operate and how they’ve viewed each other over time. The vast majority of them worked at one—or in some cases, both—of the companies at some point in the last three decades. A great number of facts in this book—from discussions at key company meetings to internal disputes between executives—came from these sources and their first-hand knowledge of events chronicled in these pages.
Some of these employees and executives were willing to speak to me on the record about their experiences and recollections. Among them were more than a dozen company leaders who held top positions at either Amazon or Walmart at the time of their company-sanctioned interviews with me. But many others would only speak to me if I granted them anonymity, for valid reasons, including not having company permission to do so or for fear of retribution for speaking with candor about two titans that do not look fondly upon those who expose closely guarded strategies or squabbles to the outside world. I don’t take the use of anonymous sources lightly; I declined to include considerable information from anonymous sources that I could not corroborate independently or otherwise had reason to doubt.
I conducted almost all of my interviews either in-person, by video conference, or via phone. One exception involved Greg Foran, the former Walmart US CEO who is currently the CEO of Air New Zealand. Foran would only answer questions and offer comments by email. I don’t often accept such ground rules but agreed to them in this instance because of his crucial role in the events chronicled in this book.
In some instances, I re-created dialogue based on the recollections of people who participated in or were present for the discussion in question. This does not mean that quoted participants spoke to me. That said, those mentioned in the dialogue were made aware of the information being printed. The exception is former Walmart CEO David Glass, who died in early 2020 shortly before I began reporting this book and whose conversation with Robert Davis in Chapter 1 was recreated using Davis’s recollection.
I also sourced information from news reports I deemed credible, public statements at conferences, my own previous reporting covering these two behemoths, as well as speeches and interviews found on YouTube. Brad Stone’s books The Everything Store and Amazon Unbound and Sam Walton’s memoir Made in America were helpful resources.
PROLOGUE
1.https://money.cnn.com/magazines/fortune/fortune_archive/2005/04/18/8257009/index.htm.
1: WHAT IF?
1.https://www.nytimes.com/1999/04/06/business/the-media-business-wal-mart-agrees-to-settle-lawsuit-against-amazon.html.
2.https://money.cnn.com/magazines/fortune/fortune_archive/2001/06/11/304647/.
3.https://archive.fortune.com/magazines/business2/business2_archive/2003/02/01/335981/index.htm.
4.Brad Stone, The Everything Store: Jeff Bezos and the Age of Amazon (New York: Little, Brown, 2013).
5.https://progressivegrocer.com/walmartcom-president-step-down.
6.https://www.nytimes.com/2001/07/24/business/wal-mart-assumes-complete-control-of-its-online-store.html.
7.https://www.digitalcommerce360.com/2006/02/15/walmart-com-2005-sales-top-1-billion/.
8.Stone, The Everything Store.
9.https://www.computerworld.com/article/2597093/amazon-charging-different-prices-on-some-dvds.html.
10.Stone, The Everything Store.
11.Stone, The Everything Store.
12.https://www.wsj.com/articles/SB1037918101430594628.
13.https://www.cnet.com/tech/services-and-software/amazon-pricecheck-app-use-it-get-a-discount/.
14.https://www.boston.com/news/local-news/2011/12/09/amazon-price-app-is-attack-on-small-stores-snowe-says/.
15.http://latimesblogs.latimes.com/technology/2011/12/retail-group-lashes-out-after-amazon-announces-price-check-app-promotion.html.
16.https://www.wsj.com/articles/SB10001424052748704396504576204791377862836.
17.https://www.wsj.com/articles/SB10001424053111904772304576468753564916130.
18.https://www.wsj.com/articles/SB10001424052748704498804574557943780026958.
19.https://judiciary.house.gov/uploadedfiles/00151722.pdf.
2: JET FUEL
1.https://www.bloomberg.com/news/articles/2013-10-10/jeff-bezos-and-the-age-of-amazon-excerpt-from-the-everything-store-by-brad-stone?sref=qYiz2hd0.
2.https://www.vox.com/2015/1/9/11557622/five-ways-the-guy-behind-diapers-com-plans-to-challenge-amazon-again.
3.https://www.vox.com/2015/1/9/11557622/five-ways-the-guy-behind-diapers-com-plans-to-challenge-amazon-again.
4.https://www.bloomberg.com/news/features/2017-05-04/can-wal-mart-s-expensive-new-e-commerce-operation-compete-with-amazon?sref=qYiz2hd0.
5.https://www.youtube.com/watch?v=KXs0TYejsZc.
6.https://www.wsj.com/articles/wal-mart-in-talks-to-buy-web-retailer-jet-com-1470237311.
7.https://www.vox.com/2016/8/7/12395114/walmart-jet-acquisition-3-billion-price.
3: HOMETOWN BOY
1.https://www.reuters.com/article/us-walmart-fcpa/walmart-to-pay-282-million-to-settle-seven-year-global-corruption-probe-idUSKCN1TL27J.
2.https://www.harvardmagazine.com/2021/05/doug-mcmillon-s-business-school-address.
3.https://www.youtube.com/watch?v=041qYmA0d6Y.
4.https://www.harvardmagazine.com/2021/05/doug-mcmillon-s-business-school-address.
5.https://www.dignitymemorial.com/obituaries/bentonville-ar/morris-mcmillon-9918245.
6.https://www.harvardmagazine.com/2021/05/doug-mcmillon-s-business-school-address.
7.https://www.harvardmagazine.com/2021/05/doug-mcmillon-s-business-school-address.
8.https://www.youtube.com/watch?v=WnC0BhV7XDw.
9.https://fortune.com/2015/06/04/walmart-ceo-doug-mcmillon/.
10.https://fortune.com/2015/06/04/walmart-ceo-doug-mcmillon/.
11.https://fortune.com/2015/06/04/walmart-ceo-doug-mcmillon/.
12.https://inequality.org/great-divide/2016-agendas-tout-ceo-pay-reform/.
13.https://www.youtube.com/watch?v=WnC0BhV7XDw.
14.https://www.nytimes.com/2004/01/18/us/workers-assail-night-lock-ins-by-wal-mart.html.
15.https://corporate.walmart.com/twenty-first-century-leadership.
16.https://ldh.la.gov/assets/oph/Center-PHCH/Center-CH/stepi/specialstudies/2014PopwellRatard_KatrinaDeath_PostedOnline.pdf.
17.https://www.youtube.com/watch?v=WnC0BhV7XDw.
18.https://www.nytimes.com/2013/03/09/business/man-who-helped-image-of-wal-mart-steps-down.html.
19.https://www.cnbc.com/2019/09/03/the-full-memo-from-walmarts-ceo-about-pulling-back-on-gun-sales.html.
20.https://www.nytimes.com/2009/09/20/business/20amazon.html.
21.https://hbr.org/2017/03/we-need-people-to-lean-into-the-future.
22.https://fortune.com/2015/06/04/walmart-ceo-doug-mcmillon/.
23.https://www.vox.com/2014/5/28/11627338/coming-up-new-walmart-ceo-doug-mcmillon-at-the-code-conference.
4: THE TAKEOVER
1.https://www.cnbc.com/2016/08/09/wal-mart-ceo-doug-mcmillon-on-what-he-saw-in-jetcom.html.
2.https://www.vox.com/2016/9/19/12980868/walmart-jet-marc-lore-stock-retention-incentive-bonus.
3.https://corporate.walmart.com/newsroom/2017/04/12/empowering-customers-with-more-ways-to-save-introducing-pickup-discount.
4.https://corporate.walmart.com/newsroom/innovation/20170725/how-easy-reorder-is-making-shopping-even-easier.
5.https://corporate.walmart.com/newsroom/innovation/20170922/why-the-future-could-mean-delivery-straight-into-your-fridge.
6.https://corporate.walmart.com/newsroom/business/20160919/five-big-reasons-walmart-bought-jet-com.
7.https://cdn.corporate.walmart.com/ea/31/4aa1027b4be6818f1a65ed5c293a/wmt-usq-transcript-2017-10-10.pdf.
8.https://www.cnbc.com/2018/02/20/walmart-q4-2017-earnings.html.
9.https://www.marketwatch.com/story/walmarts-jet-website-may-not-be-reaching-customers-beyond-city-limits-2018-02-21.
10.https://www.businessinsider.com/walmart-sells-out-of-black-friday-sales-on-thanksgiving-2017-11.
5: PRIME ATTACK
1.https://www.vox.com/recode/2019/5/3/18511544/amazon-prime-oral-history-jeff-bezos-one-day-shipping.
2.https://www.businessinsider.com/meet-the-average-wal-mart-shopper-2014-9.
3.https://www.vox.com/2014/3/13/11624518/amazon-prime-price-rises-to-99-and-you-know-youll-still-pay-for-it.
4.https://www.vox.com/recode/2019/5/3/18511544/amazon-prime-oral-history-jeff-bezos-one-day-shipping.
5.https://www.vox.com/recode/2019/5/3/18511544/amazon-prime-oral-history-jeff-bezos-one-day-shipping.
6.https://s2.q4cdn.com/299287126/files/doc_financials/annual/2015-Letter-to-Shareholders.pdf.
7.https://www.vox.com/recode/2019/5/3/18511544/amazon-prime-oral-history-jeff-bezos-one-day-shipping.
8.https://www.vox.com/recode/2019/5/3/18511544/amazon-prime-oral-history-jeff-bezos-one-day-shipping.
9.https://www.cbsnews.com/miami/news/walmart-closing-more-than-150-smaller-stores-around-u-s/.
10.https://www.vox.com/2018/4/19/17256410/amazon-prime-100-million-members-us-penetration-low-income-households-jeff-bezos.
11.https://corporate.walmart.com/newsroom/innovation/20170131/two-day-free-shipping-just-the-beginning.
12.https://www.wsj.com/articles/wal-mart-to-scrap-its-amazon-prime-rival-1485838861.
6: NOT READY FOR PRIME TIME
1.https://www.fmi.org/our-research/supermarket-facts/grocery-store-chains-net-profit.
2.https://www.vox.com/2017/3/30/14831602/amazon-walmart-cpg-grocery-price-war.
3.https://www.bloomberg.com/news/articles/2021-01-07/amazon-shutters-prime-pantry-an-early-online-grocery-initiative.
4.http://ebaysellingcoach.blogspot.com/2014/05/how-will-amazon-pantry-affect-grocery.html.
7: AMAZON SENDS A WAKE-UP CALL
1.https://www.bloomberg.com/news/articles/2017-04-11/amazon-said-to-mull-bid-for-whole-foods-before-jana-stepped-in?sref=Wg6QzS2e.
2.https://www.vox.com/2017/4/14/15304234/walmart-bonobos-acquisition-jet.
3.https://www.nytimes.com/2017/06/16/business/walmart-bonobos-merger.html.
4.https://www.vox.com/2017/6/18/15826314/amazons-whole-foods-acquisition-22-billion-market-value-supermarkets.
5.https://www.cnbc.com/2017/06/16/after-its-stock-pop-amazon-will-get-whole-foods-essentially-for-free.html.
6.https://corporate.walmart.com/newsroom/2017/09/06/walmart-to-open-1-000th-online-grocery-pickup-location.
7.https://corporate.walmart.com/newsroom/2018/03/14/walmart-to-expand-online-grocery-delivery-coast-to-coast.
8.https://archive.fortune.com/magazines/fortune/fortune_archive/2000/06/12/281941/index.htm.
9.https://techcrunch.com/2014/01/28/walmart-to-go-denver-grocery-test/.
10.https://www.vox.com/2018/2/20/17030702/amazon-prime-credit-card-whole-foods-5-percent-back-visa-rewards.
11.https://www.businessinsider.com/whole-foods-shoppers-say-produce-quality-plunged-after-amazon-takeover-2017-11.
8: AMAZONIFICATION
1.https://www.bloomberg.com/news/articles/2019-12-17/amazon-holiday-shopping-the-man-who-makes-it-happen.
2.https://www.vox.com/recode/2020/6/29/21303643/amazon-coronavirus-warehouse-workers-protest-jeff-bezos-chris-smalls-boycott-pandemic.
3.https://www.law.com/therecorder/2019/08/13/robotics-manager-sues-walmart-for-gender-discrimination-and-harassment/.
4.https://www.businessinsider.com/how-fedex-talent-made-amazon-a-logistics-juggernaut-2021-11.
5.https://www.columbian.com/news/2014/jul/24/amazon-opens-its-first-sortation-center/.
9: THE GREATEST RETAILER ON THE PLANET
1.https://www.youtube.com/watch?v=4tg33gyESy4.
2.https://hbr.org/2017/12/the-right-thing-to-do.
3.https://corporate.walmart.com/media-library/document/2019-ubs-global-consumer-retail-conference-webcast-transcript/_proxyDocument?id=00000169-7873-d4ef-adeb-7b73b8e00000.
4.https://www.vox.com/2017/12/20/16693406/walmart-personal-styling-jet-black-amazon-go-prime-no-checkout-store.
5.https://www.wsj.com/articles/walmart-seeks-outside-investors-for-jetblack-11570212067.
6.https://www.wsj.com/articles/walmart-builds-a-secret-weapon-to-battle-amazon-for-retails-future-11553181810.
7.https://www.vox.com/2018/10/2/17924862/walmart-eloquii-acquisition-100-million-plus-sized-fashion.
8.https://www.businessinsider.com/walmart-has-looked-at-acquiring-luggage-company-away-2018-10.
9.https://www.vox.com/recode/2019/12/12/21012920/andy-dunn-walmart-bonobos-leaving-departure-digital-native-brands.
10: OLD SCHOOL VS. NEW SCHOOL
1.https://www.vox.com/recode/2019/7/3/18716431/walmart-jet-marc-lore-modcloth-amazon-ecommerce-losses-online-sales.
2.https://www.vox.com/2017/4/2/15153844/amazon-quidsi-shutdown-explanation-profits.
3.https://www.wsj.com/articles/walmarts-secret-weapon-to-fight-off-amazon-the-supercenter-11576904460.
4.https://twitter.com/CourtReagan/status/1002257682626240512.
5.https://www.wsj.com/articles/top-walmart-exec-pays-43-79-million-for-swanky-new-york-penthouse-1528814182.
6.https://www.vox.com/recode/2021/1/15/22232033/marc-lore-walmart-leaving-jet-city-future-capitalism.
11: RETAIL DOCTORS
1.https://www.propublica.org/article/the-justice-department-sues-walmart-accusing-it-of-illegally-dispensing-opioids.
2.https://www.propublica.org/article/walmart-was-almost-charged-criminally-over-opioids-trump-appointees-killed-the-indictment.
3.https://www.cnbc.com/2017/05/16/amazon-selling-drugs-pharamaceuticals.html.
4.https://corporate.walmart.com/newsroom/2021/06/29/walmart-revolutionizes-insulin-access-affordability-for-patients-with-diabetes-with-the-launch-of-the-first-and-only-private-brand-analog-insulin.
5.https://www.wsj.com/articles/BL-VCDB-18882.
6.https://news.yahoo.com/amazon-failed-disrupt-prescription-drug-084029260.html.
7.https://profusa.com/injectable-body-sensors-take-personal-chemistry-to-a-cell-phone-closer-to-reality/.
8.https://www.cnbc.com/2018/06/05/amazon-grand-challenge-moonshot-lab-google-glass-creator-babak-parviz.html.
9.https://www.youtube.com/watch?v=b3qbX6LS3Ro.
10.https://www.wsj.com/articles/why-the-amazon-jpmorgan-berkshire-venture-collapsed-health-care-was-too-big-a-problem-11610039485?mod=article_inline.
11.https://www.kff.org/coronavirus-covid-19/press-release/telehealth-accounted-for-8-of-outpatient-visits-more-than-a-year-into-covid-19-pandemic-suggesting-a-more-permanent-shift-in-how-patients-receive-care/.
12.https://www.aboutamazon.com/news/retail/amazon-care-now-available-nationwide-as-demand-continues-to-grow.
13.https://www.businessinsider.com/amazon-ceo-andy-jassy-shares-bold-vision-for-healthcare-business-2022-3.
14.https://www.youtube.com/watch?v=iNs6cDUKl7Y.
15.https://cbs12.com/news/nation-world/walmart-may-start-nationwide-initiative-potentially-changing-how-millions-get-healthcare.
16.https://www.businessinsider.com/walmart-healthcare-strategy-health-clinics-2021-2.
17.https://www.fiercehealthcare.com/hospitals/why-former-walmart-health-exec-left-for-bioiq.
18.https://www.youtube.com/watch?v=I3Tc0T_adSU.
19.https://news.bloomberglaw.com/antitrust/amazon-one-medical-receive-ftc-request-for-more-information?utm_source=rss&utm_medium=ATNW&utm_campaign=00000183-0021-da0b-a1a3-b1bde37a0001.
12: PANDEMIC POWER STRUGGLE
1.https://www.vox.com/recode/2020/2/25/21151289/new-amazon-go-grocery-store-supermarket-cashiers-whole-foods-seattle.
2.https://www.vox.com/2017/6/16/15816180/amazon-whole-foods-deal.
3.https://www.vox.com/2019/10/29/20936984/amazon-prime-grocery-delivery-fresh-fee-whole-foods-instacart.
4.https://www.vox.com/recode/2020/2/27/21154357/walmart-plus-walmart-grocery-delivery-unlimited-membership-amazon-prime.
5.https://www.vox.com/recode/2020/9/1/21409628/walmart-plus-benefits-free-grocery-delivery-amazon-prime-comparison.
6.https://www.nytimes.com/2020/04/05/technology/coronavirus-amazon-workers.html.
7.https://www.vox.com/recode/2020/6/29/21303643/amazon-coronavirus-warehouse-workers-protest-jeff-bezos-chris-smalls-boycott-pandemic.
8.https://www.vox.com/recode/2020/3/22/21190372/amazon-prime-delivery-delays-april-21-coronavirus-covid-19.
9.https://www.vox.com/recode/2020/6/29/21303643/amazon-coronavirus-warehouse-workers-protest-jeff-bezos-chris-smalls-boycott-pandemic.
10.https://www.mcall.com/news/watchdog/mc-allentown-amazon-complaints-20110917-story.html
11.https://www.nytimes.com/2021/03/16/technology/amazon-unions-virginia.html.
12.https://www.nytimes.com/2021/03/16/technology/amazon-unions-virginia.html.
13.https://www.nytimes.com/2005/02/10/business/worldbusiness/walmart-to-close-store-in-canada-with-a-union.html.
14.https://www.vox.com/recode/2020/6/29/21303643/amazon-coronavirus-warehouse-workers-protest-jeff-bezos-chris-smalls-boycott-pandemic.
15.https://www.vice.com/en/article/n7jy9w/amazon-workers-in-new-york-have-started-walking-off-the-job-this-is-a-cry-for-help.
16.https://www.vice.com/en/article/5dm8bx/leaked-amazon-memo-details-plan-to-smear-fired-warehouse-organizer-hes-not-smart-or-articulate.
17.https://www.vox.com/recode/2020/4/5/21206385/amazon-fired-warehouse-worker-christian-smalls-employee-backlash-david-zapolsky-coronavirus.
18.https://www.vox.com/recode/2020/6/29/21303643/amazon-coronavirus-warehouse-workers-protest-jeff-bezos-chris-smalls-boycott-pandemic.
19.https://www.cityandstateny.com/policy/2021/02/amid-building-boom-amazon-faces-complaints-from-warehouse-workers/175177/.
20.https://www.nytimes.com/2022/04/02/business/amazon-union-christian-smalls.html.
21.https://theintercept.com/2021/03/25/amazon-drivers-pee-bottles-union.
22.https://www.vox.com/recode/2021/3/28/22354604/amazon-twitter-bernie-sanders-jeff-bezos-union-alabama-elizabeth-warren.
23.https://www.wsj.com/articles/amazon-washington-biden-carney-antitrust-11646763777.
24.https://www.vox.com/recode/2020/6/29/21303643/amazon-coronavirus-warehouse-workers-protest-jeff-bezos-chris-smalls-boycott-pandemic.
25.https://www.cnbc.com/2021/05/17/amazon-exec-dave-clark-pushed-for-mailbox-in-alabama-union-election.html.
26.https://www.wsj.com/articles/former-amazon-worker-leading-staten-island-union-efforts-arrested-11645726397.
27.https://www.youtube.com/watch?v=ymGM9I_WWX8.
28.https://www.reuters.com/legal/government/amazon-calls-election-re-run-after-workers-voted-first-us-union-2022-04-08/.
29.https://www.vox.com/recode/2022/9/7/23340103/amazon-labor-union-ceo-andy-jassy-nlrb.
13: WALMART 2040
1.https://www.vox.com/recode/22264330/amazon-ceo-andy-jassy-jeff-bezos-aws.
2.https://www.geekwire.com/2022/amazon-sued-for-ending-free-whole-foods-delivery-as-prime-benefit/.
3.https://www.cnbc.com/2020/11/02/walmart-ends-contract-with-robotics-company-bossa-nova-report-says.html.
4.https://www.vox.com/recode/22423706/walmart-memo-retail-amazon-target-instacart.
5.https://www.businessinsider.com/amazon-prime-air-faa-regulators-investigation-drone-crashes-2022-5?r=US&IR=T.
6.https://www.vox.com/recode/2022/9/7/23333406/amazon-prime-2-day-shipping-delays-taking-long.
7.https://www.vox.com/recode/2021/2/26/22297554/amazon-race-black-diversity-inclusion.
8.https://www.vox.com/recode/2021/2/26/22297554/amazon-race-black-diversity-inclusion.
9.https://www.wsj.com/articles/a-grassroots-campaign-to-take-down-amazon-is-funded-by-amazons-biggest-rivals-11568989838.
10.https://medium.com/swlh/amazon-needs-a-competitor-and-walmart-aint-it-5997977b77b2.
11.https://economictimes.indiatimes.com/industry/services/retail/how-greg-penner-went-all-guns-blazing-for-flipkart/articleshow/64104098.cms?from=mdr.
12.https://www.vox.com/recode/22423706/walmart-memo-retail-amazon-target-instacart.
13.https://www.businessinsider.com/walmart-pushes-employees-to-enroll-in-its-amazon-prime-rival-2022-8.
14: WINNER SELLS ALL
1.https://allthingsd.com/20110418/exclusive-wal-mart-paid-300-million-plus-for-kosmix.
2.https://www.nytimes.com/2022/07/28/business/amazon-revenue-slow-growth-rate.html.
3.https://www.vox.com/recode/23170900/leaked-amazon-memo-warehouses-hiring-shortage.
4.https://www.bloomberg.com/news/articles/2022-09-02/amazon-closes-abandons-plans-for-dozens-of-us-warehouses.
5.https://www.vox.com/recode/2022/10/18/23410675/amazon-union-vote-results-upstate-albany-new-york-alb1.
6.https://medium.com/@forrespect/my-sister-would-have-done-anything-to-keep-her-job-at-walmart-a5465e67ab53.
7.https://www.thedailybeast.com/amazon-employee-who-died-on-prime-day-rafael-reynaldo-mota-frias-was-hardworking-dad.
8.https://www.marketplacepulse.com/articles/shopify-tries-to-fight-buy-with-prime.
9.https://www.wsj.com/articles/instacart-cuts-valuation-by-nearly-40-11648223029.
10.https://www.axios.com/2022/10/11/tiktok-chases-amazon-fulfillment-centers.