Editor’s note: We are extending the rent relief program and waiving rent for our Walmart property partners and eye doctors operating in Sam’s Clubs for the month of May. We will also be discounting rent for the financial institutions in our stores for the month.
March 25, 2020
By John Furner, President & CEO – Walmart U.S. and Kath McLay, President & CEO – Sam’s Club
Walmart and Sam’s Club are central to thousands of American communities, and we serve those communities hand-in-hand with other businesses – businesses that employ many of our customers, members and loved ones. Today we wanted to share how we’re supporting some of these partners as they deal with the spread of COVID-19 in the U.S.
As you know, a variety of small businesses operate inside Walmart Supercenters and Sam’s Clubs – hair and nail salons, optometrists, restaurant franchises, veterinary clinics, local and regional banks. We have more than 10,000 leased spaces throughout the country.
This is a trying time for many of these establishments – just as it is for so many other businesses across America. Some have had to temporarily close or significantly reduce hours and services.
We want to help. That’s why we’re waiving rent for all Walmart property partners for the month of April, as well as for the hundreds of eye doctors who operate at Sam’s Clubs. It’s our hope that this rent relief will help these businesses financially weather the current situation and take care of their employees.
We’ll continue to monitor the need for additional support past April. We’re also working with many of our partners to encourage their impacted employees to apply for the 150,000 temporary jobs we plan to fill in the coming months.
Supply Chain Financing Program
This is also a difficult time for some of our suppliers: the companies who produce the products we sell on our shelves and websites. Capital is increasingly maxed for some suppliers as their business models change and shift.
Because of this, we’re making changes to our Supply Chain financing program, which is a program where Walmart and Sam’s Club work with national banks to allow qualified suppliers to get payments from us faster. We’re improving the program: by adding dedicated resources to speed up the on-boarding process, eliminating an eligibility requirement and adding JPMorgan Chase as a partner (they join existing partners Citibank and Wells Fargo).
More than two-thirds of our 18,000 suppliers are small and medium sized businesses who could benefit from this newly enhanced program. We encourage them to look into it through our Supplier Academy system.
These are two ways we are trying to help our partners during this difficult and unprecedented situation. We know that by working together we’ll be able to make the greatest difference for our customers, our members and for America.