Reviewed by Andrew Clancy, Senior Editor
Soundview Executive Book Summaries

At some point in every person's life, he or she learns an interesting concept of astronomy. During daylight hours, the sky is still populated by all of the stars, but the light of the sun shines so bright that it blots out all its solar brethren. For people with their feet firmly planted on the terra firma of retail businesses, Wal-Mart represents the center of the solar system. Its undeniable power blinds consumers to other outlets and virtually every segment of society in the United States (and many segments around the world) feed off its low-priced light. However, as author William H. Marquard indicates in his upcoming book Wal-Smart: What It Really Takes To Profit In A Wal-Mart World, merchants should remember that like the heavens above, the presence of Wal-Mart does not mean that their stars fail to shine.

The advice dispensed by Marquard should not be taken lightly. After all, this isn't a speculative work written by an embittered, failed retailer, nor is it a political statement by a G8 protestor angered by global corporations and their success. The words that fill Wal-Smart's pages were penned by a man who helped Wal-Mart develop its five-year strategic plan, as well as its merchandising processes. For fans of the early Universal Studios horror films, Wal-Smart is the equivalent of having Igor give expert tips on how to bring down the monster created by Dr. Frankenstein. Though Sam Walton founded Wal-Mart, Marquard was part of the creation of every mom-and-pop retailer's nightmare and he is not shy about sharing the secrets to combat the price-slashing juggernaut.

Wal-Smart is divided into two sections; in the first, Marquard examines what separates Wal-Mart from other businesses and describes the techniques used by the retailer to completely crush its competition. In the second section of the book, the author demonstrates that even the largest of giants has weaknesses capable of exploitation. While the latter half of Wal-Smart should be required reading for any business attempting to sell a product already offered by Wal-Mart (and that list of products numbers in the thousands), executives in industries completely unrelated to retail will gain perspective from Marquard's writing on competition. His prose is clear, direct and impeccably supported. One can often gauge the might of a writer's insight by his or her use of asides. A well-supported argument is evinced by examples that the reader retains at the book's conclusion. It is safe to state that anyone reading Wal-Smart will quote liberally from its pages. In addition, the exhaustive amount of trivia pertaining to Wal-Mart and its impact is staggering but doesn't detract from the book's stated purpose of helping the reader strategize against a retail titan.

Two of the most important points made by Marquard in Wal-Smart concern processes that help Wal-Mart retain its influence. First, the store's reputation as a discounting machine comes from a relentless devotion to getting the lowest possible price at every level of the organization. Businesses who seek a competitive advantage in industries where price is king will need to carefully examine Wal-Smart's chapters on price-cutting. If a company has any aspirations of reducing its operating costs, there is no half-hearted approach. Marquard's examples from Wal-Mart's operating practices may shock some readers, but within moments it becomes clear just how essential to the company's success is this ardent devotion to avarice.