Walmart

Walmart is an American shopping company that was founded on July 2, 1962 by Sam Walton. 
==History==
===1945–1969: Early history===
In 1945, businessman and former J. C. Penney employee Sam Walton bought a branch of the Ben Franklin stores from the Butler Brothers. His primary focus was selling products at low prices to get higher-volume sales at a lower profit margin, portraying it as a crusade for the consumer. He experienced setbacks because the lease price and branch purchase were unusually high, but he was able to find lower-cost suppliers than those used by other stores and was consequently able to undercut his competitors on pricing. Sales increased 45 percent in his first year of ownership to US$105,000 in revenue, which increased to $140,000 the next year and $175,000 the year after that. Within the fifth year, the store was generating $250,000 in revenue. The lease then expired for the location and Walton was unable to reach an agreement for renewal, so he opened up a new store at 105 N. Main Street in Bentonville, naming it "Walton's Five and Dime". That store is now the Walmart Museum.
On July 2, 1962, Walton opened the first Wal-Mart Discount City store at 719 W. Walnut Street in Rogers, Arkansas. Its design was inspired by Ann & Hope, which Walton visited in 1961, as did Kmart founder Harry B. Cunningham. The name came from FedMart, a chain of discount department stores founded by Sol Price in 1954, whom Walton was also inspired by. Walton stated that he liked the idea of calling his discount chain "Wal-Mart" because he "really liked Sol's FedMart name". The building is now occupied by a hardware store and an antiques mall, while the company's "Store #1" has since expanded to a Supercenter several blocks west at 2110 W. Walnut Street. Within its first five years, the company expanded to 18 stores in Arkansas and reached $9 million in sales. In 1968, it opened its first stores outside Arkansas in Sikeston, Missouri and Claremore, Oklahoma.
===1969–1990: Incorporation and growth as a regional power===
The company was incorporated as Wal-Mart, Inc. on October 31, 1969, and changed its name to Wal-Mart Stores, Inc. in 1970. The same year, the company opened a home office and first distribution center in Bentonville, Arkansas. It had 38 stores operating with 1,500 employees and sales of $44.2 million. It began trading stock as a publicly held company on October 1, 1970, and was soon listed on the New York Stock Exchange. The first stock split occurred in May 1971 at a price of $47 per share. By this time, Walmart was operating in five states: Arkansas, Kansas, Louisiana, Missouri, and Oklahoma; it entered Tennessee in 1973 and Kentucky and Mississippi in 1974. As the company moved into Texas in 1975, there were 125 stores with 7,500 employees and total sales of $340.3  million.
In the 1980s, Walmart continued to grow rapidly, and by the company's 25th anniversary in 1987, there were 1,198 stores with sales of $15.9  billion and 200,000 associates.
This year also marked the completion of the company's satellite network, a $24 million investment linking all stores with two-way voice and data transmissions and one-way video communications with the Bentonville office. At the time, the company was the largest private satellite network, allowing the corporate office to track inventory and sales and to instantly communicate to stores. By 1984, Sam Walton had begun to source between 6% and 40% of his company's products from China. In 1988, Walton stepped down as CEO and was replaced by David Glass. Walton remained as chairman of the board. During this year, the first Walmart Supercenter opened in Washington, MO.
With the contribution of its superstores, the company surpassed Toys "R" Us in toy sales in 1998.
===1990–2005: Retail rise to multinational status===
While it was the third-largest retailer in the United States, Walmart was more profitable than rivals Kmart and Sears by the late 1980s. By 1990, it became the largest U.S. retailer by revenue.
Prior to the summer of 1990, Walmart had no presence on the West Coast or in the Northeast (except for a single Sam's Club in New Jersey which opened in November 1989), but in July and October that year, it opened its first stores in California and Pennsylvania, respectively. By the mid-1990s, it was the most powerful retailer in the U.S. and expanded into Mexico in 1991 and Canada in 1994. Walmart stores opened throughout the rest of the U.S., with Vermont being the last state to get a store in 1995.
The company also opened stores outside North America, entering South America in 1995 with stores in Argentina and Brazil; and Europe in July 1999, buying Asda in the United Kingdom for US$10 billion.
In 1997, Walmart was added to the Dow Jones Industrial Average.
In 1998, Walmart introduced the Neighborhood Market concept with three stores in Arkansas. By 2005, estimates indicate that the company controlled about 20 percent of the retail grocery and consumables business.
In 2000, H. Lee Scott became Walmart's president and CEO as the company's sales increased to $165 billion. In 2002, it was listed for the first time as America's largest corporation on the Fortune 500 list, with revenues of $219.8 billion and profits of $6.7 billion. It has remained there every year except 2006, 2009, and 2012.[excessive citations]
In 2005, Walmart reported US$312.4 billion in sales, more than 6,200 facilities around the world—including 3,800 stores in the United States and 2,800 elsewhere, employing more than 1.6 million associates. Its U.S. presence grew so rapidly that only small pockets of the country remained more than 60 miles (97 kilometers) from the nearest store.
As Walmart expanded rapidly into the world's largest corporation, many critics worried about its effect on local communities, particularly small towns with many "mom and pop" stores. There have been several studies on the economic impact of Walmart on small towns and local businesses, jobs, and taxpayers. In one, Kenneth Stone, a professor of economics at Iowa State University, found that some small towns can lose almost half of their retail trade within ten years of a Walmart store opening. However, in another study, he compared the changes to what small-town shops had faced in the past—including the development of the railroads, the advent of the Sears Roebuck catalog, and the arrival of shopping malls—and concluded that shop owners who adapt to changes in the retail market can thrive after Walmart arrives. A later study in collaboration with Mississippi State University showed that there are "both positive and negative impacts on existing stores in the area where the new supercenter locates."
In the aftermath of Hurricane Katrina in September 2005, Walmart used its logistics network to organize a rapid response to the disaster, donating $20 million, 1,500 truckloads of merchandise, food for 100,000 meals, and the promise of a job for every one of its displaced workers. An independent study by Steven Horwitz of St. Lawrence University found that Walmart, The Home Depot, and Lowe's made use of their local knowledge about supply chains, infrastructure, decision makers and other resources to provide emergency supplies and reopen stores well before the Federal Emergency Management Agency (FEMA) began its response. While the company was overall lauded for its quick response amidst criticism of FEMA, several critics were quick to point out that there still remained issues with the company's labor relations.
===2005–2010: Initiatives===
====Environmental initiatives====
In November 2005, Walmart announced several environmental measures to increase energy efficiency and improve its overall environmental record, which had previously been lacking. The company's primary goals included spending $500 million a year to increase fuel efficiency in Walmart's truck fleet by 25 percent over three years and double it within ten; reduce greenhouse gas emissions by 20 percent in seven years; reduce energy use at stores by 30 percent; and cut solid waste from U.S. stores and Sam's Clubs by 25 percent in three years. CEO Lee Scott said that Walmart's goal was to be a "good steward of the environment" and ultimately use only renewable energy sources and produce zero waste. The company also designed three new experimental stores with wind turbines, photovoltaic solar panels, biofuel-capable boilers, water-cooled refrigerators, and xeriscape gardens. In this time, Walmart also became the biggest seller of organic milk and the biggest buyer of organic cotton in the world, while reducing packaging and energy costs. In 2007, the company worked with outside consultants to discover its total environmental impact and find areas for improvement. Walmart created its own electric company in Texas, Texas Retail Energy, planned to supply its stores with cheap power purchased at wholesale prices. Through this new venture, the company expected to save $15 million annually and also to lay the groundwork and infrastructure to sell electricity to Texas consumers in the future.
====Branding and store design changes====
In 2006, Walmart announced that it would remodel its U.S. stores to help it appeal to a wider variety of demographics, including more affluent shoppers. As part of the initiative, the company launched a new store in Plano, Texas, that included high-end electronics, jewelry, expensive wines and a sushi bar.
On September 12, 2007, Walmart introduced new advertising with the slogan, "Save money. Live better.", replacing "Always Low Prices, Always", which it had used since 1988. Global Insight, which conducted the research that supported the ads, found that Walmart's price level reduction resulted in savings for consumers of $287 billion in 2006, which equated to $957 per person or $2,500 per household (up 7.3 percent from the 2004 savings estimate of $2,329).
On June 30, 2008, Walmart removed the hyphen from its logo and replaced the star with a Spark symbol that resembles a sunburst, flower, or star. The new logo received mixed reviews from design critics who questioned whether the new logo was as bold as those of competitors, such as the Target bullseye, or as instantly recognizable as the previous company logo, which was used for 18 years. The new logo made its debut on the company's website on July 1, 2008, and its U.S. locations updated store logos in the fall of 2008. Walmart Canada started to adopt the logo for its stores in early 2009.
==== Acquisitions and employee benefits ====
On March 20, 2009, Walmart announced that it was paying a combined US$933.6 million in bonuses to every full and part-time hourly worker. This was in addition to $788.8 million in profit sharing, 401(k) pension contributions, hundreds of millions of dollars in merchandise discounts, and contributions to the employees' stock purchase plan. While the economy at large was in an ongoing recession, Walmart reported solid financial figures for the fiscal year ending January 31, 2009, with $401.2 billion in net sales, a gain of 7.2 percent from the prior year. Income from continuing operations increased 3 percent to $13.3 billion, and earnings per share rose 6 percent to $3.35.[citation needed]
On February 22, 2010, the company confirmed it was acquiring video streaming company Vudu, Inc. for an estimated $100 million.
In May 2021, Walmart acquired the Israeli startup Zeekit startup for $200 million. Zeekit uses artificial intelligence to allow customers to try on clothing via a dynamic virtual platform.
===2011–2019===
Walmart's truck fleet logs millions of miles each year, and the company planned to double the fleet's efficiency between 2005 and 2015. The truck pictured is one of 15 based at Walmart's Buckeye, Arizona, distribution center that was converted to run on biofuel from reclaimed cooking grease made during food preparation at Walmart stores.
In January 2011, Walmart announced a program to improve the nutritional value of its store brands over five years, gradually reducing the amount of salt and sugar and eliminating trans fat. Walmart also promised to negotiate with suppliers with respect to nutritional issues, reduce prices for whole foods and vegetables, and open stores in low-income areas, so-called "food deserts", where there are no supermarkets. On April 23, 2011, the company announced that it was testing its new "Walmart To Go" home delivery system where customers will be able to order specific items offered on their website. The initial test was in San Jose, California, and the company has not yet said whether the delivery system will be rolled out nationwide.
On November 14, 2012, Walmart launched its first mail subscription service called Goodies. Customers pay a $7 monthly subscription for five to eight delivered food samples each month, so they can try new foods. The service shut down in late 2013.
In August 2013, the firm announced it was in talks to acquire a majority stake in the Kenya-based supermarket chain, Naivas.
In June 2014, some Walmart employees went on strike in major U.S. cities demanding higher wages. In July 2014, American actor and comedian Tracy Morgan launched a lawsuit against Walmart seeking punitive damages over a multi-car pile-up which the suit alleges was caused by the driver of one of the firm's tractor-trailers who had not slept for 24 hours. Morgan's limousine was apparently hit by the trailer, injuring him and two fellow passengers and killing a fourth, fellow comedian James McNair. Walmart settled with the McNair family for $10 million, while admitting no liability. Morgan and Walmart reached a settlement in 2015 for an undisclosed amount, though Walmart later accused its insurers of "bad faith" in refusing to pay the settlement.
In 2015, the company closed five stores on short notice for plumbing repairs. However, employees and the United Food and Commercial Workers International Union (UFCW) alleged some stores were closed in retaliation for strikes aimed at increasing wages and improving working conditions. The UFCW filed a complaint with the National Labor Relations Board. All five stores have since reopened.
In 2015, Walmart was the biggest US commercial producer of solar power with 142 MW capacity, and had 17 energy storage projects. This solar was primarily on rooftops, whereas there is an additional 20,000 m2 for solar canopies over parking lots.
Walmart Supercenter in Grundy, Virginia (Store #3303). This store was built as part of a $200 million revitalization project. The store was built on top of a two-story parking garage, the only one of its kind in the United States.
On January 15, 2016, Walmart announced it would close 269 stores in 2016, affecting 16,000 workers. One hundred and fifty-four of these stores earmarked for closure were in the U.S. (150 Walmart U.S. stores, 115 Walmart International stores, and 4 Sam's Clubs). Ninety-five percent of these U.S. stores were located, on average, 10 miles from another Walmart store. The 269 stores represented less than 1 percent of global square footage and revenue for the company. All 102 locations of Walmart Express, which had been in a pilot program since 2011, were included in the closures. Walmart planned to focus on "strengthening Supercenters, optimizing Neighborhood Markets, growing the e-commerce business and expanding pickup services for customers". In fiscal 2017, the company plans to open between 50 and 60 Supercenters, 85 to 95 Neighborhood Markets, 7 to 10 Sam's Clubs, and 200 to 240 international locations. At the end of fiscal 2017, Walmart opened 38 Supercenters and relocated, expanded or converted 21 discount stores into Supercenters, for a total of 59 Supercenters, and opened 69 Neighborhood Markets, 8 Sam's Clubs, and 173 international locations, and relocated, expanded or converted 4 locations for a total of 177 international locations. On August 8, 2016, Walmart announced a deal to acquire e-commerce website Jet.com for US$3.3 billion. Jet.com co-founder and CEO Marc Lore stayed on to run Jet.com in addition to Walmart's existing U.S. e-commerce operation. The acquisition was structured as a payout of $3 billion in cash, and an additional $300 million in Walmart stock vested over time as part of an incentive bonus plan for Jet.com executives. On October 19, 2016, Walmart announced it would partner with IBM and Tsinghua University to track the pork supply chain in China using blockchain.
On February 15, 2017, Walmart announced the acquisition of Moosejaw, a leading online active outdoor retailer, for approximately $51 million. The acquisition closed on February 13, 2017. On June 16, 2017, Walmart agreed to acquire the men's apparel company Bonobos for $310 million in an effort to expand its fashion holdings. On September 29, 2017, Walmart acquired Parcel, a technology-based, same-day and last-mile delivery company in Brooklyn. In 2018, Walmart started crowdsourcing delivery services to customers using drivers' private vehicles, under the brand "Spark".
On December 6, 2017, Walmart announced that it would change its corporate name to Walmart Inc. from Wal-Mart Stores, Inc. effective February 1, 2018.
On January 11, 2018, Walmart announced that 63 Sam's Club locations in cities including Memphis, Houston, Seattle, and others would be closing. Some of the stores had already liquidated, without notifying employees; some employees learned by a company-wide email delivered January 11. All of the 63 stores were gone from the Sam's Club website as of the morning of January 11. Walmart said that ten of the stores will become e-commerce distribution centers and employees can reapply to work at those locations. Business Insider magazine calculated that over 11,000 workers will be affected. On the same day, Walmart announced that as a result of the new tax law, it would be raising Walmart starting wages, distributing bonuses, expanding its leave policies and contributing toward the cost of employees' adoptions. Doug McMillon, Walmart's CEO, said, "We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders."
In March 2018, Walmart announced that it is producing its own brand of meal kits in all of its stores that is priced under Blue Apron designed to serve two people.
It was reported that Walmart is now looking at entering the subscription-video space, hoping to compete with Netflix and Amazon. They have enlisted the help of former Epix CEO, Mark Greenberg, to help develop a low-cost subscription video-streaming service.
In September 2018, Walmart partnered with comedian and talk show host Ellen DeGeneres to launch a new brand of women's apparel and accessories called EV1.
On February 26, 2019, Walmart announced that it had acquired Tel Aviv-based product review start-up Aspectiva for an undisclosed sum.
In May 2019, Walmart announced the launch of free one-day shipping on more than 220,000 items with minimum purchase amount of $35. The initiative first launched in Las Vegas and the Phoenix area.
In September 2019, Walmart made the announcement that it would cease the sale of all e-cigarettes due to "regulatory complexity and uncertainty" over the products. Earlier in 2019, Walmart stopped selling fruit-flavored e-cigarette and had raised the minimum age to 21 for the purchase of products containing tobacco. That same month, Walmart opened its first Health Center, a "medical mall" where customers can purchase primary care services, such as vision tests, dental exams and root canals, lab work, X-rays and EKGs, counseling, and fitness and diet classes. Prices without insurance were listed, for instance, at $30 for an annual physical and $45 for a counseling session. Continuing with its health care initiative, they opened a 2,600 square feet (240 m2) health and wellness clinic prototype in Springdale, Arkansas just to expand services.
As of October 2019, Walmart stopped selling all live fish and aquatic plants.
===2020s: Continuing growth and development===
This decade, as with many other companies, started off very unorthodox and unusual, due to the large part of the coronavirus (COVID-19) pandemic, including store closures, limited store occupancy, and employment, along with social distancing protocols.
In March 2020, due to the pandemic, Walmart changed some of its employee benefits. Employees can now decide to stay home and take unpaid leave if they feel unable to work or uncomfortable coming to work. Additionally, Walmart employees who contract the virus will receive "up to two weeks of pay". After two weeks, hourly associates who are unable to return to work are eligible for up to 26 weeks in pay. During this pandemic, people who work temporary receive $150 but for those who work full-time get a bonus of $300 issuing all of the employees more than $390M starting on June 5. Previously during the pandemic on April 2, the bonus cash totaling was more than $365. In July 2020, Walmart announced that all customers would be required to wear masks in all stores nationwide, including Sam's Club. In the third quarter of 2020, ending October 31, Walmart reported revenue of $134.7 billion, representing a year-on-year increase of 5.2 percent.
In December 2020, Walmart launched a new service, Carrier Pickup, that allows the customers to schedule a return for a product bought online, in-store, or from a third-party vendor. These services can be initiated on the Walmart App or on the website.
In January 2021, Walmart announced that the company is launching a fintech startup, with venture partner Ribbit Capital, to provide financial products for consumers and employees.
In February 2021, Walmart acquired technology from Thunder Industries, which uses automation to create digital ads, to expand its online marketing capabilities.
In August 2021, Walmart announced it would open its Spark crowdsource delivery to other businesses as a white-label service, competing with Postmates and online food ordering delivery companies.
In December 2021, Walmart announced it will participate in the Stephens Investment Conference Wednesday, and the Morgan Stanley Virtual Global Consumer & Retail Conference.
==Channel==
The channel was created on February 11, 2006, and uploaded its first video on August 10, 2012, showing a rapper, Pitbull, visiting a Walmart in Kodiak, Alaska.
==Trivia==
*The name, Walmart, was named by Walton's assistant, Bob Bogle.
**The name could also be a reference to Walton's last name.
*Walmart has over 11,500 stores in about 27 countries.
Category:American YouTubers
Category:Users who joined in 2006