巴克莱-美股零售行业：大流行期间和之后零售业足迹的演变-2021.5.11-29页.pptx

;Barclays | U.S. Retail Broadlines/Hardlines;;Barclays | U.S. Retail Broadlines/Hardlines;;11 May 2021;Barclays | U.S. Retail Broadlines/Hardlines recently added two key senior ex-Goldman Sachs bankers to help spearhead the start- up. Re-imaging the Fourth Wall: WMT has noted that it has a significant opportunity to create new and exciting services for customers in its “fourth wall” space. Some services we have touched on already with respect to Financial Services and Walmart Health, but WMT is also exploring a wealth of other new opportunities to drive more productivity from the “fourth wall” – one example is veterinary services. While WMT is not resting on its laurels with respect to these opportunities, its current “fourth wall” offering is rich given a FedEx partnership, vision centers, auto services, several home services (such as house cleaning, tech services, installation) and a host of restaurant partnerships. On the restaurants, while recent headlines have discussed some McDonald’s restaurant closures in fourth wall leased space, we believe WMT is garnering significant interest from other restaurant lessees.;Barclays | U.S. Retail Broadlines/Hardlines impact of digital wallets – where with wearables and devices, normal queuing in line could look a lot different. We believe that HD keeps a close eye on pioneers of shopping advancements (such as AMZN’ store of the future, or the Asia marketplace with cashless checkout, etc.). HD will likely be focused on customer satisfaction and associate engagement, all the way upstream to how product is manufactured and packaged and how that is processed and flows through to POS.;Barclays | U.S. Retail Broadlines/Hardlines;Barclays | U.S. Retail Broadlines/Hardlines time. Approximately 4,000 sq. ft. will be dedicated to the tool rental area that will either be an expansion of the store or next to an existing store and will include a mechanic shop. We expect LOW will roll out tool rental to ~100 stores in