Sam Walton Biography - Childhood, Life Achievements & Timeline Business People Sam Walton Biography Sam Walton was an American businessman who founded the Wal-Mart Stores Inc. This biography of Sam Walton provides detailed information about his childhood, life, achievements, works & timeline. Quick Facts Helen Walton (1943 â his death) children S. Robson Walton, Alice Walton, John T. Walton, Jim C. Walton education - Distinguished Eagle Scout Award Image Credit Sam Walton was an American businessman who founded the Wal-Mart Stores Inc. which grew to be the worldâs largest corporation by revenue as well as the biggest private employer in the world. Founded in 1962, today the company has thousands of stores all over the world. Sam Walton had spent years in the retail management business before opening the first Wal-Mart store. Born into a humble farming family in the late 1910s, he grew up during the Great Depression when not just his own family, but everyone else around him struggled to make ends meet. Still a young boy, he took up a variety of jobs in order to contribute to his familyâs income and this taught him the value of hard work and determination at a young age.

He attended the University of Missouri and graduated with a bachelorâs degree in economics. After working for a while at J. C. Penney, he went on to serve in the army during the war years before venturing into the retail management business. He took over management of his first variety store when he purchased a Ben Franklin variety store in Newport, Arkansas. Eventually he opened the first Wal-Mart store in 1962 which has now grown to include over 11,000 stores in 28 countries. Childhood & Early Life He was born as Samuel Moore Walton on March 29, 1918, in Kingfisher, Oklahoma, U.S. to Thomas Gibson Walton and Nancy Lee. He had one younger brother, James. His father was a farmer who later entered farm mortgaging as farming did not provide enough money to provide for his family. The family moved frequently during Samâs early childhood. He was a good student and he became the youngest Eagle Scout in Missouriâs history while studying in the eighth grade in Shelbina, Missouri. His family finally settled in Columbia, Missouri.

He grew up during the Great Depression and took up numerous small jobs in order to help his family which was struggling to make ends meet. Among other chores, he sold magazine subscriptions and delivered newspapers. He also milked the family cow, bottled the surplus and sold it to customers. He attended David H. Hickman High School in Columbia where he was voted the "Most Versatile Boy" at the time of his graduation in 1936. He then went to the University of Missouri as a Reserve Officers' Training Corps (ROTC) cadet. He also joined the Zeta Phi chapter of Beta Theta Pi fraternity and served as President of Burall Bible Class, a large class of students from the University of Missouri and Stephens College. During his university days he became a member of QEBH, the well-known secret society on campus honoring the top senior men, and the national military honor society Scabbard and Blade. He graduated in 1940 with a bachelorâs degree in economics. Career Within days of his graduation, Walton joined J. C. Penney as a management trainee in Des Moines, Iowa. He resigned from the job in 1942 in order to serve in the World War II.

Before joining the army, he worked at a DuPont munitions plant near Tulsa, Oklahoma for a while. He joined the U.S. Army Intelligence Corps and supervised security at aircraft plants and prisoner of war camps. He eventually reached the rank of Captain in his army career and returned to civilian life once the war was over. Married by now, he borrowed some money from his father-in-law and purchased a Ben Franklin variety store in Newport, Arkansas, in 1945. The store was a franchise of the Butler Brothers chain. He found considerable success in retail management with his pioneering concepts, and by the early 1960s, Walton, along with his brother James, owned 15 Ben Franklin franchises and one independent store. Walton now planned to open bigger stores in rural areas with discounted prices in order to attract more customers and achieve a higher sales volume. However, the Ben Franklin executives were not in favor of this concept and turned down the plan. Undaunted, Sam Walton went on to open the first Wal-Mart store on July 2, 1962, in Rogers, Arkansas. Around this time the Walton brothers teamed up with Stefan Dasbach whom they collaborated with in order to grow their business.

Keeping the price of the products low was one of the major driving forces behind the success of the Wal-Mart stores. Walton focused his efforts on sourcing products from American manufacturers who could supply merchandise for the entire Wal-Mart chain at very low prices in order to meet the foreign competition. Over the next few years several Wal-Mart stores sprung up all over the nation and by 1967, the Walton family owned 24 stores, registering up to $12.7 million in sales! Within a couple of years Walton officially incorporated his company as Wal-Mart Stores, Inc. The company went public in 1970 and the first stock was sold at $16.50 per share. By 1972, Wal-Mart was listed on the New York Stock Exchange (WMT). By 1980, the company had reached $1 billion in annual sales. Ever the innovator, Sam Walton launched the first Sam's Club in the 1980s to serve small businesses and individuals. During the same decade, the first Wal-Mart Supercenter was also opened, combining a supermarket with general merchandise to provide one-stop shopping convenience.

Wal-Mart enjoyed continued success in the years to come and by the early 1990s, the companyâs stock worth had surged to $45 billion. Wal-Mart became the nationâs largest retailer in 1991, surpassing even Sears, Roebuck & Company. Walton had stepped down as CEO in 1988, but remained active in the company until his death in 1992. Major Works Sam Walton is best remembered as the founder of the retail corporation, Wal-Mart. Founded in the United States in 1962, the company is now a multinational with over 11,000 stores in 28 countries, under a total 65 banners. Wal-Mart is also the world's largest company by revenue, as well as the biggest private employer in the world. Philanthropic Works Sam Walton had a strong belief in giving back to the society. The Walmart Foundation was established in 1979 to contribute to the underprivileged, focusing on the core areas of opportunity, sustainability and community.

Along with his wife he supported various charitable causes and was active in the First Presbyterian Church in Bentonville where he served as a Ruling Elder and a Sunday School teacher. He also made considerable financial contributions to the church. Awards & Achievements From 1982 to 1988, âForbesâ magazine named Walton the wealthiest man in the United States. In 1992, Sam Walton was awarded the Presidential Medal of Freedom, the nation's highest civilian honor, by President George H. W. Bush and hailed as "an American original" who "embodies the entrepreneurial spirit and epitomizes the American dream." In 1998, Walton was included in Time's list of 100 most influential people of the 20th Century. Personal Life & Legacy Sam Walton married Helen Robson on February 14, 1943. The couple had four childrenâthree sons and one daughter. Walton loved hunting, especially quail. Along with his wife he was active in the Church and also taught Sunday School. The Walton family also supported various charitable causes.

He suffered from two types of cancer: hairy-cell leukemia and bone marrow cancer during the later years of his life. Sam Walton died on April 5, 1992, aged 74. Translate this page to Spanish, French, Hindi, Portuguese Pictures of Sam Walton Sam Walton Sam Walton Cause of death: Cancer - Bone Remains: Buried, Betonville Cemetery, Bentonville, AR Gender: Male Executive summary: America's richest man, founded Wal-Mart Military service: US Army Sam Walton co-founded the world's largest retail chain, Wal-Mart, on 2 July 1962 with his brother. Twenty years later, Sam had become the richest man in the world. Sam had accomplished this feat largely through the magic known as economy of scale: the bigger capacity you have, the more product you can buy at one time, the lower the price you pay. And the bigger Wal-Mart got, the wider their profit margins became. In addition, Sam catered to an overlooked market segment: small-town America. He would find empty farmland equidistant from three towns, each of which with an approximate population of 10,000.

The small-town inhabitants were already used to driving many miles to get to the nearest department store, so the distance was no obstacle. This way, Sam managed to triple the effective population served by each of his stores. Father: Thomas Gibson Walton Sam Walton | American businessman | Britannica.com American businessman Alternative Title: Samuel Moore Walton Sam Walton Andrew Mellon Sam Walton, in full Samuel Moore Walton (born March 29, 1918, Kingfisher, Oklahoma , U.S.—died April 5, 1992, Little Rock , Arkansas ), American retail magnate who founded Wal-Mart Stores, Inc., and developed it, by 1990, into the largest retail sales chain in the United States . Sam Walton, 1988. Eli Reichman—Time & Life Pictures/Getty Images Walton graduated from the University of Missouri with a degree in economics (1940) and entered a J.C. Penney Company management training program in Des Moines , Iowa. He opened his own Ben Franklin variety (five-and-dime) store in Newport , Arkansas, in 1945, and relocated the store to Bentonville, Arkansas, five years later.

By the early 1960s he and his brother, James, operated a regional chain of Ben Franklin stores, and when that company’s executives rejected his concept for a new discount-store chain to be based in small towns, Walton decided to set up such a chain on his own. He opened the first Wal-Mart store, Wal-Mart Discount City, in Rogers , Arkansas, in 1962, offering a wide variety of merchandise at discount prices in a no-frills setting. Large American discount-store chains typically situated their stores in or near large cities, but Walton was convinced that even small towns could generate enough business to make such stores profitable. To operate in out-of-the-way locations, he situated a regional cluster of stores no further than one day’s drive from a giant Wal-Mart warehouse that made large-volume purchases and distributed the goods to the stores using its own trucking services. Volume buying and a low-cost delivery system enabled Wal-Mart stores to offer name-brand goods at discount prices in locations where there was little competition from other retail chains. As a result, the Wal-Mart chain experienced tremendous and sustained growth, with 190 stores by 1977 and 800 stores by 1985.

In 1983, Walton founded Sam’s Wholesale Club, a chain of deep-discount wholesale warehouse outlets, and in 1988 he began opening Supercenters, which added full grocery fare to the regular merchandise offerings and dwarfed even the barnlike Wal-Mart stores in size. By 1990 Wal-Mart Stores had passed Sears, Roebuck and Company to become the largest retailer in the United States. The next year the company began its international expansion with the opening of a store in Mexico . Growth continued, either through new stores or by the acquisition of established retailers, in countries such as Canada, China , Germany, and the United Kingdom . Walton kept prices and salaries low but nevertheless inspired company loyalty in employees, who retired with comfortable pensions as a result of his profit-sharing plan. He stepped down as chief executive officer in 1988 but remained company chairman. By the time of his death, his company had established 1,735 Wal-Marts, 212 Sam’s Clubs, and 13 Supercenters with a total of 380,000 employees and annual sales of almost $50 billion. Walton’s heirs were among the wealthiest individuals in the United States.

Learn More in these related articles: Sam Walton Biography - Wal-Mart Founder ::: Woopidoo > Business People Home > Sam Walton Bio Biography - Information Sam Walton was the founder of Sam's Club and Wal-Mart, one of the world's largest general retail chain stores. By 2001, Wal-Mart had over 4500 stores worldwide. Sam Walton was born on March 29, 1918 in Kingfisher, Oklahoma to Thomas Gibson Walton, a farmer, and Nancy Lee Walton. In 1923, Walton's father determined that their farm did not provide enough income on which to raise a family and decided to move the family to Missouri to become a mortgage banker, his previous profession. The Walton family moved from town to town with Walton's father, but young Sam Walton still remained focused on his studies and sports. While attending the 8th grade, Sam Walton became the youngest Eagle Scout in Missouri history and he excelled at basketball and football during his high school years. Walton's life was not easy, though, and his academics were met with equal challenges at home.

Growing up during the Great Depression meant that his family was always looking for ways to save money and Walton's parents required him to tend to matters at home as much as those at school. Part of his daily routine involved milking cows and delivering milk, along with newspapers, to people in the neighborhood. After graduating high school, Walton pursued a higher education at the Univeristy of Missouri-Columbia in hopes of finding a career that would help support his family. During his time at the university, Walton was an officer with the ROTC unit, worked odd jobs to help feed and support himself, and joined various prestigious fraternities such as Zeta Phi, Beta Theta Pi, and Alpha Kappa Psi. He graduated with a degree in economics and was known as an honorable, scholarly student. With his degree, Sam Walton joined the management team of JCPenny in Des Moines, Iowa, only three days after graduation. Having served with the ROTC in college, Walton anticipated military service when World War II began in 1942. Walton resigned his position and worked at the DuPont munitions plant awaiting his call to duty. It was in this plant that he met Helen Robson, his future wife.

They met in April of 1942 and married in February of 1943. Shortly thereafter, Walton left with the military to serve with the Intelligence Corps where he eventually became a captain. Walton left the military in 1945 and decided he wanted to open his own department stores. Instead of starting with ones that would compete with his former employer, Walton chose to focus on variety stores. His father-in-law loaned him the initial $20,000 to help him start his first store, a Ben Franklin franchise variety store, in Arkansas. Sam Walton wanted to focus on providing a wide range of goods at discounted prices to the consumer and keep his stores open longer than his competitors, even during the Christmas season. His lower-priced strategies allowed him to drive up sales and negotiate lower prices on purchases with his wholesalers. A combination of his location and price strategies made him a top seller in the chain in the six-state region of the franchise market. Higher rent and unfair lease negotiations eventually forced Sam Walton to open his own store in Bentonville, Arkansas called "Walton's Five and Dime" and sell off his inventory and franchise location to the location's owner, instead.

In Bentonville, Walton continued to provide low prices and long hours while subsequently participating in community activities such as the Rotary Club and Chamber of Commerce. He continued to open new stores and offered the managers to become involved in the business from an investment perspective. By 1962 Walton and his brother Bud owned a total of sixteen stores in Kansas, Missouri, and Arkansas, most of which still functioned under the brand of Ben Franklin. Walton is best known for starting the chain "Wal-Mart" which first opened in 1962 in Bentonville, Arkansas. He transferred his philosophies from his Ben Franklin stores to his own brand stores in the process and worked hard to help bring a large variety of products and low prices to his consumers throughout his career. Walton remained dedicated to keeping Wal-Mart involved in local activities by allowing charities to hold bake sales on his property as well as providing scholarships to high school graduates from local schools. As a result of his accomplishments, Sam Walton eventually received the Presidential Medal of Freedom from George H. W. Bush in 1992. Walton also reached the ranks of the richest man in the U.S. From 1985 until 1988.

Walton passed away on April 6, 1992 and left his business to his wife and children who became the primary shareholders of the company. This Sam Walton biography may not be reproduced online. Copyright © Woopidoo.com (ek) Sam Walton: Introduction | Investopedia By Colin Dodds | November 12, 2015 — 12:02 PM EST Sam Walton: Introduction Sam Walton: Most Influential Quotes Sam Walton was an American retail tycoon and entrepreneur who founded Wal-Mart Stores Inc. ( WMT ) and Sam's Club big-box discount stores that have changed the way Americans buy goods, as well as the American business landscape. When he died of cancer in 1992, Walton had amassed a fortune in excess of $100 billion. His heirs are now the wealthiest family in America, with a combined net worth of roughly $149 billion as of 2015. Born in Kingfisher, Oklahoma, Sam and his family moved to Missouri when he was still a child. He was a standout student in school, and graduated from the University of Missouri at Columbia with a degree in economics before finding work as a management trainee at J. C.

Penney. Following World War Two, Walton took out a $25,000 loan from his father-in-law, and opened his first store, a Ben Franklin franchise in Newport, Arkansas. Sam and his brother, James, soon owned 15 Ben Franklin stores. However, Sam felt that the chain’s management was too conservative in its expansion plans, and he left the store and opened his own outfit, called Wal-Mart, in 1962. (See also: What Education Do You Need To Become A Billionaire? ) From a single store in Rogers, Arkansas, the business exploded, with Wal-Marts cropping up in small towns across the South and the Midwest. By 1976, Wal-Mart had a market capitalization of $176 million. Although Walton didn’t invent the discount store, he developed and perfected the idea. An early adopter of information technology and supply chain management, Wal-Mart quickly gained ground on its main competitors, most notably K-Mart and Sears. A man with simple tastes, Walton lived in the same house from 1959 until his death in 1992, and drove a red 1985 Ford pickup.

In 1985, Forbes crowned Walton as the richest man in the United States. In 1991, the company achieved one of Walton’s lifelong goals when it became larger than Sears, Roebuck & Company, making it the country’s biggest retailer. He stepped down from active management of the company at the age in 1988, at the age of 70. Today, Wal-Mart is not just one of the biggest retailers in the world, but also the largest employer in America as of 2015, with 2.2 million employees, four times as many as America's second-largest employer, fast-food conglomerate Yum Brands Inc. Discover how the four largest direct shareholders in Wal-Mart, Inc. are all children of Sam Walton and how smart tax planning enabled it. Small Business The successes of these three CEOs can be linked back to one common factor: customer service. Investing Read about four influential entrepreneurs who didn't achieve fame and success until after their 40th birthdays, including the founder of Walmart.

Investing Amid its struggles to engineer new growth, Wal-Mart (NYSE: WMT) announced it was paring down the size of its board of directors from 15 to 12 members. While one of those directors retiring and ... Investing Sam Walton biography | birthday, trivia | American Business Personality | Who2 Business Personality Sam Walton, with his brother Bud Walton, founded Wal-Mart, the chain of discount variety stores that in the 1990s became the world’s largest retailer. Sam Walton went into the retail business in 1945, and by the time Wal-Mart first opened in 1962 he owned a chain of 15 variety stores in Arkansas, Missouri and Oklahoma. Walton’s savvy marketing skills and attention to detail led to Wal-Mart’s expansion throughout the United States. By 1990 Wal-Mart was the nation’s top retailer in terms of sales, and Walton was one of the richest men in the world. After his death in 1992 the company continued to expand, including online commerce and stores around the world. By 2001 there were more than 4,500 Wal-Mart stores worldwide.

Extra credit Since Walton’s death the chain has come under fire for its labor practices and aggressive marketing tactics. Arguing that Wal-Marts drove out other merchants, many local communities fought to keep new stores from opening, and in June of 2004 a lawsuit was filed on behalf of 1.6 million women, charging that Wal-Mart discriminated against female employees. Sam and Bud Walton- Historic Missourians - The State Historical Society of Missouri Bud Walton (1921 - 1995) Introduction Sam and Bud Walton were brothers who became successful retail businessmen. Together they founded Wal-Mart, which began as a small chain of discount stores in the United States, but quickly expanded worldwide. Building upon their early success with Wal-Mart, the Walton brothers founded Sam’s Club, one of the leading discount warehouse clubs in the United States. Sam Walton’s motto was that the customer is always right. Early Years Springfield and Columbia, Missouri Samuel Moore Walton was born on March 29, 1918, in Kingfisher, Oklahoma. He was the first of two children born to Thomas Gibson Walton and Nancy “Nannie” Lee Lawrence.

His brother, James Lawrence “Bud” Walton, was born December 20, 1921, in Kingfisher. Nancy Walton instilled in Sam a sense of ambition that stayed with him for the rest of his life. Kingfisher, Oklahoma Downtown Kingfisher, Oklahoma, circa 1900 Growing up during the Great Depression In late October 1929 a devastating stock market crash occurred on Wall Street. The crash was the result of risky financial decisions made by investors in the stock market. The value of stocks fell dramatically, sending the economy into a tailspin. Many people went broke and faced tough times. The crash was followed by the Great Depression, a severe worldwide economic downturn that lasted until World War II. Many people were unemployed during this time, income dropped, and many families became homeless. , the brothers learned the value of hard work. Sam Walton milked cows on the family farm, sold magazine subscriptions, and delivered newspapers. When he was in the eighth grade, Sam became the youngest Eagle Scout in Missouri history at that time. Bud Walton delivered newspapers, worked as a lifeguard, and did yard work to help the family. The two brothers attended David H.

Hickman High School in Columbia, Missouri, where they quickly made friends. Both boys participated in sports and served in student government. Sam was quarterback of the football team, and Bud played basketball. During his senior year, Sam was elected student body president and named “Most Versatile Boy.” Bud was chosen by his fellow students to be senior class president. When he was not at school, Sam delivered newspapers and worked in a dime store. College Years and World War II Sam Walton as a college student As a student at the University of Missouri, Sam Walton joined QEBH, one of the most prestigious honor societies on campus. [University of Missouri Savitar, 1940. SHS] After he graduated from high school in 1936, Sam Walton attended the University of Missouri, where he majored in business. To pay for his education, he delivered newspapers, worked as a lifeguard, and waited on tables at the student union. Walton still found time to lead Bible study classes, join a fraternity, and serve as president of a prestigious honor society, QEBH. After he graduated from the university, Sam Walton received job offers from two of the top retail businesses in America, Sears and J C Penney.

He chose J C Penney and began work as a management trainee for $75 a month. He loved working in the retail business and excelled as a salesman. Bud and basketball team Bud Walton played basketball as a cadet at Wentworth Military Academy in Lexington, Missouri. He is shown seated in the front row, third from the right, number 14. [Wentworth Military Academy Yearbook, 1939-1940] Instead of going to college, Bud Walton attended Wentworth Military Academy in Lexington, Missouri, for two years. In 1941 he volunteered for service in the U.S. Navy as a pilot. While undergoing flight training, Bud met and married his wife, Audrey. Together, the couple had two daughters: Ann and Nancy. War Bonds Poster Both Sam and Bud Walton served in the U.S. military during World War Two. This 1942 poster by artist Lawrence Beall Smith is one of hundreds produced to support the war effort. [Lawrence Beall Smith, U.S. Department of the Treasury.

The State Historical Society of Missouri, Art Collection] When World War II World War II was a global conflict that began in Europe on September 1, 1939, when Germany invaded Poland. In response, Britain and France declared war on Germany. War broke out between the Axis Powers (Germany, Italy, and Japan) and the Allied Powers (Britain, France, and the Soviet Union). Japan invaded China, occupied the Philippines, and seized a number of islands throughout the Pacific, while Germany captured much of Europe and North Africa before invading the Soviet Union. Millions of civilians were killed; Jews were specifically singled out by the Germans for extermination, as were other minorities, such as those who were mentally ill, physically and mentally disabled, homosexual, or members of political and religious groups who opposed the Axis Powers. The United States provided aid to the Allied Powers but remained neutral until Japan launched a surprise attack on the U.S. Navy's Pacific Fleet at Pearl Harbor, Hawaii, on December 7, 1941. The United States then declared war on Japan and, in turn, Germany declared war on the United States. The United States joined the Allied Powers and launched an enormous war effort at home and abroad.

On the home front, civilians made important contributions by helping to produce military equipment, supplies, and food in record amounts. American military forces fought in Europe, North Africa, and throughout the Pacific against the Axis Powers. By the end of the war, over twelve million Americans had served in the armed forces. On May 7, 1945, Germany surrendered, bringing an end to the war in Europe. The war in the Pacific continued until the United States dropped two atomic bombs on Japan in early August 1945. The Japanese surrendered on August 14, 1945. By the end of the war, over 418,500 American servicemen were killed, and worldwide an estimated thirty-eight million people lost their lives during the war. broke out, Sam volunteered for military service. As a U.S. Army officer, he oversaw security at aircraft and ammunition plants in the United States. While serving in Oklahoma, he met and married Helen Robson. Together they had four children: Rob, Jim, John, and Alice. “You Can Learn from Everybody.” Ben Franklin Store Advertisement Advertisement for Bud Walton’s Ben Franklin Store in Versailles, Missouri.

[Versailles, Missouri: Its First One Hundred Twenty-Five Years, SHS REF H325.47 V614] After the war ended, Sam left the army and decided to return to the retail business. He contacted Butler Brothers, a large retail company with two franchise operations, one of which was Ben Franklin variety stores. Butler Brothers offered Sam a Ben Franklin franchise in Newport, Arkansas, for $25,000. He readily accepted, and with financial support from his father-in-law, L.S. Robson, Sam bought the franchise. He was twenty-seven years old. Bud joined his brother after he was discharged from the U.S. Navy in 1945. As a Ben Franklin franchisee, Walton was given the right to distribute Ben Franklin merchandise in exchange for a certain percentage of monthly sales. As a franchisee, however, he had to buy merchandise from Butler Brothers to sell in his store. Walton was not allowed to sell merchandise unless it was approved by the company, nor could he set the price. Sam Walton, however, ignored Butler Brothers’ rules.

Rather than buying more expensive merchandise from Ben Franklin, Walton began to look for manufacturers that would sell directly to him at a lower price. This saved money and generated higher profits for his store. During this time, Sam said he learned a lesson he never forgot, “You can learn from everybody.” Success Walton’s Five and Dime Located on the town square in Bentonville, Arkansas, Walton's Five and Dime opened in 1951. Today the former store is a museum and visitor’s center. [Courtesy of Walmart Stores via Flickr] Sam Walton's store was a success, but when the lease expired, the owner of the building would not renew it. Walton did not let this minor setback dampen his aspirations and quickly found his next opportunity. In 1950 Walton opened his next Butler Brothers franchise store, Walton's Five and Dime, in Bentonville, Arkansas. He adopted several innovative ideas that helped his business become successful. Emboldened by success, he continued to open more Ben Franklin franchise stores. Sam and Bud Walton’s Ben Franklin store in Columbia, Missouri. Together Sam and Bud Walton opened a Ben Franklin store in the Parkade Shopping Center in Columbia, Missouri, in 1965.

It was the beginning of a successful partnership. [Columbia Tribune, March 15, 1965, p. 5] One of the most important ideas that Sam adopted was customer self-service. Unlike stores today where customers can browse and pay for merchandise at a central location, in the 1950s, customers had to go to a counter and ask a clerk for assistance. Purchases were then made at the counter. After reading about some Ben Franklin stores that had switched to self-service, Walton decided to try the new concept in his store. It was a success. Another revolutionary concept Sam Walton adopted was discount merchandising. By purchasing merchandise directly from manufacturers, marking up the price, and selling it in large quantities, he was able to increase his profits. To do so, though, he needed more stores. After failing to convince Butler Brothers and other variety store chains that they should back his new venture in discount retailing, Walton decided to strike out on his own. Wal–Mart Wal-Mart slogan Wal-Mart advertising emphasizes their low prices. [Wal-Mart, Inc.] Together, Sam and Bud Walton borrowed money to build a new store in Rogers, Arkansas, which they named Wal-Mart. The store opened in 1962.

Like Walton’s Five and Dime, Wal-Mart was a self-service discount store that sold clothes, makeup, housewares, appliances, jewelry, and home furnishings. The store flourished. Within a few years, Sam Walton opened Wal-Mart stores in other small towns across Arkansas and Missouri. Bud Walton was an integral part of Wal-Mart’s success as the chain of stores continued to grow. Two of the company’s key slogans were “We Sell for Less” and “Satisfaction Guaranteed.” Together these two guiding principles helped build Wal-Mart into a nationwide chain. Sam's Club Sam’s Club in Fayetteville, Arkansas [Courtesy of Walmart Stores] In 1983 the Walton brothers opened up the first Sam’s Club discount warehouse, which specializes in selling merchandise in bulk to both small businesses and individuals. Philanthropy School of the Ozarks The Walton family supports numerous educational facilities in the Ozarks region. [Ethel Massie Withers, Scrapbook, ca. 1916 (C1440), The State Historical Society of Missouri, Manuscript Collection-Columbia] In 1987 Sam and his wife, Helen, established the Walton Family Foundation, a philanthropic organization.

The foundation was created to support K-12 education and economic development in northwest Arkansas and the Arkansas and Mississippi Delta region. Together, the Walton brothers donated $150,000 for the construction of a new building for the Columbia Chamber of Commerce and Columbia Convention and Visitors Bureau in Columbia, Missouri. The building was named the Thomas G. Walton Building in honor of their father. Bud Walton donated $15 million for the construction of a basketball arena at the University of Arkansas, which is named in his honor. The Walton College of Business, also located at the University of Arkansas, is named for Sam Walton out of appreciation for his generous financial support. The College of the Ozarks in Point Lookout, Missouri, is home to the James L. “Bud” Walton Chair of Retailing, which was named in honor of Bud Walton’s support of the school. Honors and Death walmart - zayre88 - New England Discount store and mall history a Slogan: Save money, live better! From the little town of Bentonville, Arkansas to the whole world. Walmart is now the #1 retailer in the world.

Walmart is a giant and a solid store chain and they have a very succesful concept, with good prices and bright, large stores located near the customers. It's a very profitable company and they have sale growth every year and the number of stores is always rising. A true american success story! But that success came with the lost of many other retailers. Sure, many of them were not in good financial shape, some were totally outdated, some had no strategy to face competition. Many people said that Walmart strategy was to build a store in any city that have already some discount stores, hardware store and other, and open with very low prices, even lower than the «everyday low prices». The competitors then could not follow the pace and were compelled to close. After everyone is gone, they would simply raise the prices a little bit each month until they can regain what they probably lost in their long «opening sale». It's one of the possibility, is it true or not? One thing is sure, their strategy, whatever it is, gave results. The retail world has changed a lot in the past 20 years. Walmart is a major element in the way retail has evolved.

When I was younger, my idea was that Wal-Mart caused the end of every other discount chain. It's true in a way but other things caused these bankruptcies. In recent years Walmart has become the national leader in the industry. Meanwhile, specialized retail chains opened stores everywhere: Best Buy, Linens'n Things, Office Max, A.C.Moore, Petco, Barnes & Noble, Bed Bath & Beyond, Dick's Sporting Goods, Circuit City, and smaller stores like Old Navy, Payless Shoes and Famous Footwear. These companies are operating large stores, have a large selection and a big buying power in their own category. That, plus Walmart, Target and Kohl's is another reason of the demise of many full-line regional discount stores. Markets are competitive, you have to find a very distinctive niche because there is room for only two or three leading stores in each category. Sam Walton Sam Walton (Created by Ruth Sanford, History 135, December 2002) How did Sam Walton change retail shopping in the United States? Background Sam Walton was born in Kingfisher Oklahoma in 1918. From his humble beginnings, he rose and founded the largest retail empire in the world.

He attended the University of Missouri at Columbia, graduating in 1940 with a bachelor’s degree in economics. He served as a Captain in the Army Intelligence Corps from 1942 to 1945. He married his wife Helen in 1943, and they had four children over their 49 years together. Sam Walton was always interested in retail. He had early beginnings working at JC Penney as a management trainee before entering the Army. After World War II he decided to open his own business. In 1945 his father-in-law, a successful banker, loaned him $20,000 to open a Ben Franklin variety store. His initial store earned a profit as Sam introduced ideas of cutting costs that are still present in Wal-Mart today. He bought large volumes of goods directly from manufacturers and made his store more accessible to more customers with longer hours and a good central location. He opened his second store, which was also a franchise, named Walton’s 5 & 10 in 1950. The new store, located in Bentonville, Arkansas was a success and was followed by another shortly in Fayetteville, Arkansas.

He introduced profit sharing for his employees, and arranged his stores in the modern style of having registers located only at the front, near the exit. Walton continued to expand, until he opened the first Wal-Mart in 1962. Wal-Mart was a success, and continued to grow. Sam Walton initially opened his stores in smaller communities than the other major retailers would touch. He added Sam’s Club to the business in 1983, and in 1985, Sam Walton was named the richest man in America by Forbes magazine. Wal-Mart became the nation’s top retailer in 1990. Sam Walton always said that the customer was right, and all his stores have customer friendly features such as greeters, and a friendly, family oriented environment. Behind the scenes though, Sam Walton was a brilliant and ruthless businessman. He worked very hard to keep his expenses low as possible, and as his business grew, he was able to buy even more merchandise at even lower prices. He believed that the best results in business were found through generosity with employees. Profit sharing has always been a benefit for Wal-Mart employees.

By keeping his expenses down, building his stores in areas undesirable to his competition and introducing new concepts in retail practice, Sam Walton permanently changed the way the country shops. Despite his massive wealth, Sam Walton lived a consistent life. He still wore baseball caps, drove an old pick-up truck and enjoyed the outside in the company of his dogs He was always very charismatic, and was very popular from his school days on. He was class president of his high school and college classes, and was active in community activities such as the Rotary Club and chamber of commerce. He knew that he was not as smart as many others, but through hard work and dedication, he was able to push onwards to become the most successful man in retail worldwide. He has established many charitable operations, such as college scholarships. When you are the most successful you can expect to be disliked, and Sam Walton was no exception. He has been criticized and hated for competing with small retailers, and putting them out of business. Scandals about sweatshop conditions for makers of Wal-Mart merchandise haunted Sam, and still plague the management of Wal-Mart. There are also groups who dislike him and Wal-Mart for making the whole country a little more alike, and a little less individual.

Then there are the rather drastic groups who feel he is evil, and leads a cult religion! Today Wal-Mart has over 1 million employees in the United States, and is expanding into the international market. Since 1991, over 2000 stores have opened outside the United States, and they employ over 280,000 people. The people who dislike Sam Walton’s style of retail management are a minority, and the popularity of his stores grows constantly. He was known for selling the most merchandise for the lowest prices, and as Wal-Mart expands, the chain is likely to encounter more resistance from people who are afraid of losing their identities to the large and generic super centers. Sam Walton’s legacy lives on in the ever-growing empire of retail, to which he dedicated his life. 1918-Born March 29, in Kingfisher, Oklahoma. 1940-Graduated from the University of Missouri at Columbia with a B.A. in economics. 1942 to 1945-Served as a Captain in the U.S. Army Intelligence Corps.

1943-Married his wife Helen, they have 4 children together 1951-Opened the land-mark Five & Dime in Bentonville, Arkansas 1962-Opened his first Wal-Mart in nearby Rogers, Arkansas 1970-Wal-Mart stock first traded over the counter as publicly-held company. 1971-First 100% stock split. Stock valued at $47 1979-First billion dollar year in sales, total sales: $1,248,000,000. 1983-The first SAM'S club was opened in April in Midwest city, Oklahoma. 1983-First one hour photo lab opened in Tulsa, Oklahoma. 1983-The "People Greeter" program is introduced in all stores. 1984-Sam does the hula on Wall Street after posting 8% profits in 1983. 1985-Forbes magazine name Sam Walton as the richest man in America. 1988-First Supercenter opened in Washington, Missouri. 1990-Wal-Mart positioned as the nation's #1 retailer.

1991-Opens first international store with Club Aurrera in Mexico City. 1992-Died on April 5 1993-Tenth 100% stock split. Stock valued at $63. December 1993-First billion dollar sales week. Return to top WWW Sites The life and work of Sam Walton touched many lives in the United Sates, as well as the rest of the world, therefore there are a limitless variety of websites related to him. Here are just a few: The University of Arkansas has a College of Business named for Sam that includes an informative and well-done site. Check out the list of Sam Walton’s 10 rules for success . A&E produced a televised Biography of Sam. The Walmart website includes a summary of Sam’s life, and links to buy a video of the biography. Wal-Mart is expanding globally, and an article from the BBC explains the impact in Europe, as well the history and style of Wal-Mart. Time magazine named Sam Walton to its list of the 100 Most Influential People of the 20th Century. The site includes information from their archives, an audio clip of Sam, and a nice biography.

There is also a biographical work produced by a college student at the University of St. Francis. There are a number of sites dedicated to hatred of Sam Walton, inclusing a satyrical wiki-type entry . Still more:

Question: Sam Walton founded which famous US retail chain in 1962?
Answer: Walmart