Walmart has prospered throughout the economic downturn. The company just announced a first-quarter increase in U.S. same-store sales of 3.7 percent, and 17 percent of Walmart’s retail visits were from new customers, who spent 40 percent more in store than the average shopper. No doubt economic belt-tightening has attracted many “price sensitive affluents” (as Walmart calls them) who never thought they’d set foot in the store.

There are two reasons for Walmart’s recent success, one obvious and one less so. The obvious reason is the brand’s core value proposition of providing low, low, low prices. As much as Walmart has been a big business whipping post in recent years, nobody’s complaining about how much the company has helped strapped consumers stretch their budgets. But what many people may not know is that Walmart has also wisely and quietly increased its investment in advertising, taking advantage not only of the fact that competitors are cutting their ad budgets, but of the willingness of the struggling media to negotiate as well. Always working the price angle, that Walmart.

So what’s going to happen from here? As the economy recovers, will Walmart’s sales stagnate as consumers once again begin to trade up to higher-priced competitors? For its part, Walmart isn’t sitting still and simply hoping its fortunes don’t fall as those of the rest of the economy pick up. The company continues to invest in efficiency-building technology as well as store remodeling to make customer experiences better. Steve Bratspies, Walmart’s senior vice president of grocery, says his company will continue to focus both on “unbeatable prices” and a “cleaner, faster and friendlier” customer experience.

Every corporation makes strategic mistakes, as Walmart did a few years ago when it briefly—and painfully—lost its core focus. But the company’s current leadership now seems to be playing it smart.