For one, shoppers have made a massive flight to lower prices, which Walmart has more of, as low- and high-income consumers alike protect their pocketbooks. Walmart’s size and cash also give it the advantage in handling e-commerce deliveries more quickly and ensuring that things people want are on the shelves.

Between the pandemic upending shopping habits five years ago and the economy causing consumers to tighten their purse strings in 2025, it’s been a tumultuous half decade for retailers.

The retail giant’s U.S. comparable sales rose 4.6% in the latest quarter.