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Slideshow Facebook, Wal-Mart chiefs meet to "deepen" relationship Tweet Share this Email Print Related News Analysts await new Yahoo CEO's strategy after dull results Wed, Jul 18 2012 New CEO Mayer, Levinsohn skip Yahoo's Q2 earnings call Tue, Jul 17 2012 Yahoo turns to Google's Mayer for revival Tue, Jul 17 2012 Yahoo snags Google's Mayer as CEO in surprise hire Mon, Jul 16 2012 RPT-Social networks scan for sexual predators, with uneven results Thu, Jul 12 2012 Analysis & Opinion China investors get wise to a new four-letter word Del. judges mean it: Don’t file derivative suit pre-investigation Related Topics Tech » Media » Facebook » By Alexei Oreskovic and Jessica Wohl Thu Jul 19, 2012 4:29pm EDT (Reuters) - Facebook Inc Chief Executive Mark Zuckerberg is about to add the biggest retail players to his list of friends. Zuckerberg and his senior management team will spend two days at Wal-Mart Stores Inc's Bentonville, Arkansas home office this week, meeting with executives of the world's largest retailer and discussing ways to "deepen" their relationship. The Facebook team will meet with Wal-Mart CEO Mike Duke and his lieutenants on Friday, in the first such meeting between the two corporations' senior management teams. Zuckerberg and Facebook Chief Operating Officer Sheryl Sandberg will then speak to hundreds of Wal-Mart employees on Saturday at the retailer's monthly meeting. Representatives at both companies declined to discuss the specific agenda for Friday's meeting other than noting that the summit is intended to bolster the relationship between the world's No. 1 social network and the world's largest retailer. The meeting comes two months after Facebook's initial public offering, which was marred by technical glitches on the Nasdaq exchange as well as by concerns about the company's long-term money-making prospects. Facebook, which reports its second-quarter earnings on July 26, makes most of its money from advertising sales. Many investors and analysts believe the company could tap into a new source of revenue by playing a bigger role in online retail sales, perhaps taking a cut of transactions generated on its social network. In a statement, Facebook said it was looking forward to working to "deepen" its relationship with Wal-Mart, and noted that Facebook can learn from the retailer's "experience and management team about building a strong, durable and valuable company for the long term." Wal-Mart's Facebook page has more than 17 million fans and the company also pays to advertise on Facebook. Expanding its reach online is key for Wal-Mart as shoppers increasingly shop on their computers, tablets and smartphones. The retail behemoth, which rang up $443.85 billion in total sales last year, is well behind Amazon.com Inc in online sales. Amazon had sales of $48.08 billion last year. As shoppers get recommendations from friends on sites such as Facebook, Wal-Mart and other retailers have been working on bolstering their presence in social media. "We appreciate and value the ongoing strategic partnership we have with Facebook," Wal-Mart said in a statement. "Their help and support with testing new and innovative products and technologies to reach our customers has been invaluable." Efforts to combine shopping with social networking have had mixed results. Big retailers including J.C. Penney, Gap and Nordstrom had previously set up stores on Facebook but shut them after generating few sales. Now a new generation of e-commerce startups, such as Fab.com, Oodle and Copious, are tapping into social networks such as Facebook and Pinterest to sell goods. Facebook's Sandberg has traveled to Wal-Mart before, but this will be the first time that Zuckerberg and his entire management team, including finance chief David Ebersman, will decamp en masse to northwest Arkansas to meet their counterparts at Wal-Mart. In addition to Duke, Wal-Mart executives expected to attend the Friday meeting include Walmart U.S. CEO Bill Simon, Walmart International CEO Doug McMillon, Sam's Club CEO Rosalind Brewer, and other members of Duke's leadership team. The companies share a common bond in James Breyer, a partner at venture capital firm Accel Partners who was one of Facebook's earliest backers and sits on the boards of both Facebook and Wal-Mart. Breyer is not expected to be at the meeting. Interestingly, new Yahoo Inc CEO Marissa Mayer was elected to Wal-Mart's board in early June, while she was still with Google Inc. Earlier this month, Facebook and Yahoo settled a patent dispute and announced plans to form a "strategic alliance" involving advertising and distribution. Wal-Mart's Saturday morning meeting is led by the CEO, and the heads of the retail units give updates on the business. The meeting also usually includes events such as a chance to honor long-time employees and a visit from a guest. Celebrities at past Saturday morning meetings include actors such as Harrison Ford, Emilio Estevez and "Twilight" star Robert Pattinson; singers including Sheryl Crow and Jewel; Steve Jobs biographer Walter Isaacson, TV chef Paula Deen and football player Peyton Manning. The Saturday morning meetings were a weekly tradition started by Wal-Mart founder Sam Walton, and are now held monthly. While the 7:30 a.m. start time is typical for Wal-Mart events, outside guests may balk at such an early start. (Editing by Richard Chang) Tech Media Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) christinachaey wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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