They could have been Sears, but they haven't made it far enough. They're doing enough to survive, but they're acting reactively, not proactively, to a changing environment. They will never come close to exceeding Amazon's level of innovation, for better or for worse. I think pointing to Jet detracts from their progress, given the Jet acquisition was a complete flop. They're fighting with everything they've got. But not even Walmart can truly compete. It's unclear if its talent, a leadership issue, the company's brand, or what exactly is holding Walmart back. I suppose that's good for Walmart: a lot of the elements look right to position them well. They just haven't figured it out 100%.