INTRODUCTION“Brief History” Born on march 29, 1918 near kingfisher, Oklahoma. His father changed professions as financial needs were not met for the family. Sam Walton grew through great depression, to meet the financial needs he
Owned a cow which he milked and bottled the excess to deliver to customers.
He worked various part time jobs such as waiting tables in exchange for his meals.
He excelled academically becoming an honours student
Walton started as a management trainee at JC Penney in Des Moines, Iowa which paid $75 a month.
Married on February 14th 1943 with Helen Robson in 1942.
Walton left the job and joined the military in the US Army Intelligence Corps to serve the nation eventually reaching the rank of captain.
He had the ambition of opening a department store, left the army and with a $20,000 loan from his father in law and his own savings of $5000 Walton bought a Ben Franklin variety store from the Butler Brothers franchise in Newport, Arkansas
INITIAL BUSINESS CONCEPT
Wide variety of low priced goods.
Keeping his store open longer than most other stores
Buying goods in large quantities from the lowest priced wholesaler to pass on savings to customers.
Most profitable franchise store in the whole six state region
Was made sure his stores were clean well lit and kept loyalty high with his employees by profit sharing.
Walton and his brother Bud owned 16 varieties of stores across Arkansas, Missouri and Kansas.
COMMENCEMENT OF WAL MART In 1962 the first of the Wal-Mart stores opened its doors in Rogers, Arkansas to huge success becoming the world’s largest retail store chain. 2004 saw 1.5 million people working for the Wal-Mart Corporation. Forbes ranked him the richest man in the USA from 1985 to 1988. Wal-Mart also operate Sam’s Club warehouse stores
Certain Facts and Figures about Walmart Sam Walton started Wal-Mart in 1962 in Arkansas, USA. There are more than 8970 stores around the world today. They employ more than 1.8 billion people world wide. Its current Revenue is $421.849 billion. The current stock price of Walmart is $53.41 The CEO is Mike Duke. Domestic competitors are stores like Kmart, Target, ShopKo, and Meijer. International Competitors are Britain's Tesco, France's Carrefour, and Germany's Metro.
Services of Wal-Mart They carry general merchandise products and food items. Many of these stores also feature a garden centre, a Tire and Lube Express, pharmacy, optical centre, and one-hour photo processing lab. Sam’s Club : Sam’s Club was opened in honour of Sam Walton and was opened on April 1983 in Oklahoma. You must have a membership in order to purchase any items. Sam’s sells meat, seafood, fresh baked goods, flowers, clothing, books, software, home electronics, clothing jewellery, art, optical and furniture.
Walmart is the world's largest retailer and grocery chain by sales and just over half of the company's sales comes from grocery items.
Over half of the company's stores are located in the United States, with the majority of international stores located in Central and South America and China.
Subsidiaries of Walmart are: Walmex in Mexico Asda in UK Seiyu Group in Japan Sam’s Club is a chain of warehouse clubs which sell groceries and general merchandise
Characteristics of Sam Walton
Leadership style is close to the employee coloring corporate culture of Wal-Mart today
Extremely good understanding of his customers
Unwavering respect for his "team" of associates
Appreciates the input from others-open to criticism
Success mantra Sam Walton gave 10 rules of success out of which a few are mentioned:
Constantly trying to improve
Learning from competitors
Self-criticism with the worst criticism
Do what you love
Happy employees mean happy customers
Honours and Highlights of Sam Walton Sam Walton began a program designed to stem the ‘tide of communism’ by promoting privatization and capitalism. He was in Time’s Magazine as one of the top 100 most influential people in the 20th century. He also received the Presidential Medal of Freedom form the president. He is author of the book Sam Walton, Made in America. Forbes ranked him as the richest man in the USA from 1985 to 1988