Why Walmart isn't singing 'Take me to church'

Walmart (WMT) is under fire for its gun sales…by one of New York’s most-famous churches.

Wall Street’s Trinity Episcopal Church is a shareholder in Walmart, and it wants investors to be able to vote on requiring the world’s biggest retailer to review its policy on selling so-called assault rifles. Walmart has gone to court to block the effort.  In an email to Yahoo Finance, a Walmart spokesperson says the real issue is about corporate governance, arguing that such a move would constitute interference with ordinary business operations. A federal district judge previously ruled in favor of Trinity, but the company appealed. A decision from the higher court is expected next month.

Yahoo Finance Columnist Rick Newman feels no matter what the ruling is, it won’t drastically affect Walmart policy.

“This pressure has been on Walmart before,” he says. “At some point Walmart may decide we’re just not going to sell assault rifles anymore, it just doesn’t make sense for us. I think the way they're going to do it is in a gradual fashion. They’re not going to react to one small investor’s concern.”

Yahoo Finance Personal Finance Correspondent Mandi Woodruff notes that while Newman is probably right, she likes the idea of David taking on Goliath.

“As a consumer, I’m glad someone is speaking up for interests of a smaller group of people whose voices may not be heard,” she says. “I don’t know if it will have any effect, though.”

Yahoo Senior Columnist Michael Santoli says it won’t, because the family that started the retailing giant continues to have solid control of the company.

“The Walton family owns half of Walmart,” he points out. “So you’re never going to get a vote through. If your instrument is a shareholder vote, it’s pointless to do it with Walmart.”

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Santoli does find it interesting that Starbucks (SBUX) CEO Howard Schultz has been able to get his company to wade into another hot-button social issue-- race relations-- recently without facing the blow-back Walmart has had with guns.

“Howard Schultz-- at least from the investors’ point of view-- gets a little bit of the benefit of the doubt, whereas the Walton family doesn’t.” he explains. “Nothing is really controversial about how the business is run, so he can go out there and really have a very personal campaign. Whereas on the Walmart side they’re actually saying 'you’re not managing the business side by selling something that should not be sold.'”

Newman adds the cultures of the two firms are also a factor at play here.

“Starbucks is known as a face-forward company, that is part of what makes it Starbucks,” he adds. “Walmart is nothing of the sort. Walmart kind of doesn’t have a personality. Its whole point is to get stuff to people cheaply.”

And Newman points out from a business perspective, Wal-Mart probably isn’t too worried about getting pressure from Trinity Church, anyway.

“This is a church in New York City,” he points out. “There are no Walmarts in New York City."