Walmart’s problem isn’t Amazon — it’s a lack of interest in who its customers are

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This week investors held a collective freakout over the fact that Walmart’s online sales grew at just 23 percent over the fourth quarter of 2017, down from 50 percent the previous quarter. They tanked Walmart’s stock by 10 percent, its biggest one-day decline in several decades.

While I also happen to be bearish on Walmart, I think its investors are missing the bigger picture here. E-commerce accounts for less than four pe…

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