Walmart hasn't been known for it's innovation, but that is fast changing as it connects with millennials.

Walmart is pumping more into innovation then ever before as it see's rivals like Sears, Payless & RadioShack fall victim to Amazon. This isn't about high-tech vs brick & mortar, this is about long term survival - high-tech business is just a term for progressive business.

Walmart has been on the hunt for innovation:

• Acquisition of Jet.com for $3.3 billion;
• Acquisition of Moosejaw for $51 million;
• Acquisition of Shoes.com for $9 million and ShoeBuy for $70 million;
• Acquisition of Modcloth for less than $75 million;
• Potential acquisition of Bonobos for $300 million;
• Last Mile Associate Delivery Strategy; and
• Virtual Reality investments in employee training; and
• Automated grocery pickup test in Oklahoma City.

But even more exciting is the launch of Store No8. - it's a tech incubator. It has separated the day job from the future.

Store No. 8 is named after an Arkansas location where Walmart founder Sam Walton was known to experiment. These businesses will run just like any other startups but "will be ring-fenced by the rest of the organization and backed by the largest retailer in the world,".

"We'll be bringing in entrepreneurs and giving them capital," said Marc Lore. "And give them the opportunity to change the course of retail five or 10 years out."

Walmart's current projects (that we know about):

• Online voice shopping
• Free two-hour shipping
• Frictionless checkout
• Facial recognition tech to recognise frequent shoppers & people that are happy or frustrated.
• Last Mile Delivery as it purchases start-up
• Employee virtual reality
• Automated grocery pick-up
• Driverless truck technology

If Walmart can turn the corner into a high-tech retailer, anyone can.