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Walmart CEO Doug McMillan joins “Mornings with Maria” to discuss his retirement, inflationary pressures, tariffs, AI-powered growth and the future of America’s largest retailer.
An important leadership transition is underway at Walmartwith CEO Doug McMillon retiring on January 31, 2026, after more than 40 years with the company. As he ends nearly 12 years as CEO, the retailer he leaves behind looks very different from the one he inherited.
McMillon joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss how inflation is reshaping consumer behavior and Walmart’s customer base. Higher-income households are increasingly turning to the nation’s largest retailer in search of value, a shift he attributed to years of investment beyond its traditional price-focused image.
Customers shop at Walmart. (Getty Images)
This evolution has been driven by Walmart’s move towards a multi-platform retail model. The company has tightly integrated brick-and-mortar stores with e-commerce, curbside pickup and delivery, giving shoppers greater flexibility while expanding assortment and strengthening categories such as fashion and other discretionary products that have drawn growing interest from consumers with higher incomes.
McMillon said these changes have altered the way higher-income customers interact with the brand.
“What we’ve seen is that … over the years, the people with the most money have chosen Walmart,” he said.
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He noted that these shoppers limited their purchases to basic items such as groceries or household items.
“With the combination of changes we’ve made to our merchandise and the convenience of e-commerce, we’ve been able to serve people of all income levels more effectively,” McMillon said.
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Convenience has become almost as important as price. McMillon said internal surveys show Walmart is now rated almost as highly for convenience as it is for affordability, reflecting years of investment in fulfillment, automation and technology.
“Walmart’s more convenient aspects have appeared for those at higher income levels … in some of the surveys we’ve seen in more recent times, they rate us almost as well for convenience as they do for price … that was a new development for us,” McMillon said.
