Wal-Mart has grown tremendously since the 1970s to become the world's largest company by 2003. Sam Walton actively learned best practices from others and fostered a strong culture between management and employees. Key to Wal-Mart's success has been its strategy of discount retailing through consolidation and developing supercenters in the 1980s. It has also made early investments in IT to support efficient inventory management. Wal-Mart has faced little threat from new entrants due to high barriers to gaining scale, and it has faced stronger competition from established players like Target.