"As PREL provided Wal-Mart cover for its Asian buying, Walton could both continue promoting his "Buy American" campaign at home and expand his overseas procurement out of PREL in Hong Kong. "We hired all the old people from [Wal-Mart's Asian buying] operation. Chang insists that the name change will not affect those who shop at the store, though. As this happens, massive Chinese conglomerates, such as the television manufacturer TCL, will dominate more and more of the market. World-savvy entrepreneurs migrated from Hong Kong and Taiwan, eager for a piece of the action. "Sam was an advocate of importing. During regularly scheduled conference calls with Wall Street analysts, Lee Scott, Wal-Mart CEO since 2000, touts global sourcing as the key to increasing company profits and continuing its expansion. Or if there's a tariff, we'll move to a country that does not have the tariff. China imported $13.33 billion worth of soybeans, $2.4 billion worth of cotton and $1.08 billion worth of wheat in 2013. "The only reason [manufacturing] moved from Taiwan was China's low level of wages," said one early Wal-Mart Hong Kong buyer. "They only use the top 1 percent of factories. Wong would run the day-to-day business of procurement out of Hong Kong. Most stock quote data provided by BATS. "You'd go into a factory in Taiwan that's making men's shirts.
Global sourcing is now fully integrated into the company's operations -- giving Wal-Mart enormous leverage worldwide. We'd visit factories, see how they store goods. Some retail analysts said that Wal-Mart's dwindling number of vendors will continue to abandon their factories in the American Midwest, as well as transfer production from their factories in Mexico and Taiwan to China. Such efficiency, such manpower," said Frank Yuan, the former middleman who did business with Wal-Mart, and who now heads an international apparel trade show. He was also disturbed by charges of human rights abuses in his Asian suppliers' factories.To continue growing in Asia, Wal-Mart needed a buffer -- a middleman or a buying agency that would purchase Asian products without showing Wal-Mart's hand. "In going to Asia and then into China," he said, "department stores always beat us. Deng Xiaoping had opened the country to investment, easing restrictions on foreign businesses, and encouraging Chinese entrepreneurs to enter joint ventures with Westerners. Here too, Wal-Mart sited its global sourcing headquarters. Morningstar: © 2019 Morningstar, Inc. All Rights Reserved. They're tenacious. Given the improved Scott's vision was to expand global purchasing across the company and aggregate its vast buying power. "FRONTLINE is a registered trademark of wgbh educational foundation.
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