Is Wal-Mart losing its connection to customers? The disappointing holiday numbers and other disappointments throughout the year have some questioning whether the company's weaknesses are starting to show. One question is whether the company has focused on enhancing internal operations to the detriment of customer-facing efforts. "It gets to a point where you pretty much max out on optimizing the supply side of the business," says Sebastian Shapiro, a senior director at Interpublic Group of Cos.' FutureBrand, in the Wall Street Journal. "Even though people are going to a place that is affordable or has good value, you want it to be a pleasant shopping experience. You want to feel good about your purchase, and a lot of other low-price retailers have realized that."

It's hard to imagine that the company will fall too far. Despite the recent hit job from PBS's Frontline, it's clear that Wal-Mart's promise of "everyday low prices" resonates far and wide. But prices aren't everything. In fact, consumers appear to be growing hypervigiliant about price offers in the newspapers, particularly around the holidays. Wal-Mart has lived by the price-cutting sword. But can it continue to live and thrive that way?