5/22/05: Jack Welch Talks Business

LAS VEGAS-At the International Council of Shopping Centers’ Spring Convention here today, Brit Hume, Fox News’ chief Washington correspondent and managing editor interviewed Jack Welch, the former chairman and CEO of General Electric, about his thoughts on today’s business climate. The exchange took place at the Las Vegas Hilton during the convention’s opening session.

“Business is no different than a sport,” Welch said. “The team that has the best players wins.” One retail example of a winning business Welch mentioned was Wal-Mart. “No one knows their customers better than Wal-Mart.”

China’s economic boom is a competitive threat to the United States, but at the same time, the country offers opportunities for some US business, particularly retailers like Wal-Mart that are poised to open hundreds of stores in the country, he said.