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If Wal-Mart invests a billion dollars and others invest $100 million, Wal-Mart is going to grow more.

We see great growth in the United States. But also in China, Brazil, the U.K., and other markets around the world. So ecommerce is going to continue to be a great story for Walmart.

At Wal-Mart, it goes back to Sam Walton and the foundation and business model that we simply operate for less, or everyday low cost. We're known for operating in a very efficient way and then giving those savings to customers.

Wal-Mart uses technology to increase sales volume, but the more it does so, the more it drives down profit margins - its own and everybody else's. The same logic does not appear to hold for Goldman Sachs.

Wal-Mart has always paid low wages, or, as Sam Walton put it, 'as little as we could get by with at the time.'

It doesn't do Costco any good if nobody can afford to buy anything.

Walmart's period of explosive growth coincided with decades of wage stagnation and deindustrialization. By applying relentless downward pressure on prices and wages, the company came to dominate both consumer spending and employment in small towns and rural areas across the middle of the country.

I would guess that any criticism about Wal-Mart could have some element of truth with 1,500,000 people.

When you compete with Wal-Mart, even if you think you've found a niche don't ever become complacent.

Walmart is an amazing story of entrepreneurship and, as one of the world's most powerful brands, touches millions of lives every day.