Walmart

Walmart’s moat is anchored in cost advantage and efficient scale: unparalleled purchasing power, a dense store base within short drive of most U.S. households, and a modernized supply chain enable consistently low prices with reliable in-stock.

Omnichannel execution (store-fulfilled pickup and delivery, eCommerce >20 percent growth across segments in Q2 FY2026) builds convenience-based switching costs. The ecosystem increasingly includes advertising (Walmart Connect), marketplace, financial services, health/wellness, and memberships (Walmart+, Sam’s).

The December 2024 VIZIO acquisition extends connected-TV reach, enhancing closed-loop retail media economics. Risks to the moat include intense competition (notably Amazon, club formats, dollar stores), regulatory scrutiny, wage inflation, and potential disruption if digital experiences lag.

Overall durability is high due to scale, data, and logistics, with growing intangible and network-like effects from the media and marketplace layers.