Listening to Wal-Mart

01/13/2009 | CNNMoney

Retailers are suffering as consumers clamp down on spending, but the new austerity will be good for society, says Wal-Mart CEO Lee Scott, who advises retailers to keep a keen eye on customer needs and a tight grip on inventory. Easy for him to say: He's retiring this month. What's the biggest lesson he learned in his decade at Wal-Mart? Hire good people and spread the kudos.

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