US-based Walmart has become the first retailer to surpass a $1tn market capitalisation, following a decade in which its share price climbed sharply.

According to Reuters, the company’s stock has risen 468% over the past ten years, driven by what the report describes as its ability to attract higher-income consumers seeking convenience and lower prices, while still retaining its traditional customer base.

Over the past five years, the retailer has expanded its online marketplace to more than half a billion items, introduced one-hour delivery in selected locations and launched Walmart+, a subscription service positioned against that of Amazon.

It has also built a $4bn advertising business, a move that has supported profit margins.

The valuation threshold was reached shortly after the group shifted its stock listing from the New York Stock Exchange to the Nasdaq.

Walmart now sits among a small cluster of US companies worth at least $1tn, which include Amazon, Meta and Microsoft.

John Furner, who took up the role of global CEO on 1 February, faces the task of stepping up technology spending in a retail environment increasingly shaped by AI while competing with Amazon’s scale.

Walmart has entered partnerships with OpenAI and Google to integrate shopping tools into search-based chatbots.

The retailer began with a single store in Rogers in 1962 and now operates roughly 4,600 outlets across the US.

Its shares initially traded over the counter in 1970 at $16.50 before moving to the New York Stock Exchange two years later.