Demonstrating just how serious the company is to achieve the $250 billion in U.S. purchases it has promised to reach, the company announced this week that they are holding an Open Call Summit on July 8th in Bentonville, Arkansas.
The Open Call Summit will be focused on new business development on products and categories that are made or grown in the US.
At the Summit current suppliers that want to present new categories will be featured alongside suppliers with U.S; manufacturing capabilities who are currently not doing business with Walmart. They’ll have a chance to meet with senior leaders, buyers and Walmart executives.
Typically the vendor rooms are open by appointment only – so this is the first time that Walmart has put out an open invitation to all suppliers – to come on one specific day. They’re expecting hundreds of companies to attend and pitch their products.
The company announced in January 2013 that it would spend $50 billion more on U.S.-made goods. And this was big news. “No company drives retailing trends like Walmart,” said Scott Paul, president of the Alliance for American Manufacturing (AAM). “I salute Walmart for stating this commitment and hope other retailers follow suit in sourcing more high-quality products that are made in America.”
AAM supplied a few interesting facts on Walmart that proves just how influential this company is:
- World Rank by economy if Walmart were a country: 19th
- Total amount of money spent at Walmart every hour of every day: $36,000,000
- Total amount of profit Walmart makes every minute: $34,880
- Total sales annually: $405 billion
- Total number of customers per week: 100,000,000
Why has the company committed to spending an additional $250 billion on U.S.-made products?
“We believe we can create more American jobs by supporting more American manufacturing. Jump-starting the manufacturing industry and rebuilding the middle class requires a national effort by companies, industry leaders, lawmakers and others,” the company proclaimed.
According to data from its suppliers, items that are made, sourced or grown in America already account for about two-thirds of what the company spends to buy products at Walmart U.S.
However they want to increase this and will work with suppliers to:
- Increase what we already buy of U.S. manufactured goods
- Source “new to Walmart” U.S. manufactured goods
- Re-shore the manufacturing of goods we currently buy by facilitating and accelerating efforts of our suppliers
The review process will close on June 6th – if applicants are selected for the Summit, they will be notified by June 17th.