MEXICO CITY, MEXICO - APRIL 23: Wal-Mart store signage is seen from the store lot on April 23, 2012 in Mexico City, Mexico. According to reports, Wal-Mart de Mexico orchestrated a campaign of bribery to win market dominance by paying bribes to obtain permits in parts of the country. Wal-Mart Inc, along with two U.S. congressmen is conducting internal investigations over the allegations. (Photo by Daniel Aguilar/Getty Images)2012 Getty Images
Walmart wants to give Latinos some love.
Stephen Quinn, Walmart’s executive vice president of marketing, told suppliers last week that the company is switching gears this year to more keenly focus on Latino shoppers.
According to The City Wire, Quinn said Walmart will make the move to localize and competitively target its products to Latinos.
Walmart has already shelled out millions to tap into the growing Latino market.
According to Ad Age, the company spent an estimated $66.6 million in 2010 on targeting the Latino demographic. Last year, Walmart said it planned to double that figure in 2013.
Walmart, which has come under fire for alleged labor issues and wage violations, is the biggest employer of Latinos across the country. With Latino buying power estimated to grow to $1.5 trillion by 2015, the company is eager to figure out a way to tap into the Latino market.
“Walmart clearly recognizes the importance of the Latino demographic,” Zocalo Marketing Director Erin Conrad told The City Wire.
He said by looking at the company’s growth the last year, it’s easy to see why Walmart is making Latinos consumers one for their top priorities.
“Originally there were 550 Walmart stores grouped as Hispanic,” added Conrad. “That number grew to 800 this year.”