The 'Gunners' endured a frustrating season last year, finishing fifth in the Premier League and therefore missing out on the Champions League for the first time under Arsene Wenger.
Victory in the FA Cup final in May served only to paper over the cracks of a disatrous season but England international Walcott is confident the team can pick themselves up this season.
'We know what we want to do this season. We know how important it is,' he said.
'Everyone's up for the challenge, you know we do like a good challenge.'
The 28-year-old says that Arsenal must now look forward and leave the past behind them.
'It's going to be different for us this year but it's about the way we react, it's as simple as that,' he explained.
'We can't really dwell on the past any more, we need to focus on our strengths.'
Arsenal fans will be sceptical about the former Southampton man's claims at this point in time, afterall, talk is cheap.
Perhaps Sunday's Community Shield victory over Chelsea can be a springboard for success for Wenger's side this season.