Sam Walton & Walmart Facts
Before it became the largest retailer in the world, Walmart was the dream of a young man with an entrepreneurial spirit to change the way retail stores provided products to its customers. The concept was simple: Buying in bulk and purchasing straight from the manufacturer provided lower overhead and expenses, leading to lower prices. Well-stocked shelves and convenient hours of operation have created continued sales growth.
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The Founder
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Sam Walton was born March 29, 1918, in Kingfisher, Okla. Growing up during The Great Depression, he learned at an early age the importance of hard work and saving money. As an adult he majored in economics at the University of Missouri. In 1945, Walton began his retail career when he opened a Butler Brothers franchise with the help of a start-up loan from his father. This is where he began to hone his skills as a savvy business owner.
History
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Sam Walton opened the first Walmart store in 1962 in Rogers, Ark., with financial backing from his father and brother-in-law. By the end of the first decade, there were 276 stores in 11 states. In 1983, they expanded even further by opening the first Sam's Club warehouse to provide savings for consumers who bought in bulk. In 1988 the first supercenter, which provided one-stop shopping, including a full grocery store, opened. Walmart moved into the international market in 1991. Walton died the next year.
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Employees
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With more than 1 million employees, Walmart is the largest private employer in the United States. Although the majority of its employees work full time, there is also a strong contingent of part-time employees looking for supplemental income. Nearly 75 percent of store managers are promoted from within the company. Employees come from a broad demographic spectrum, crossing many ethnic origins and age groups.
Community Involvement
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A major key to success for any corporation is to become involved in the community in which they are located. Walmart focuses on charitable donations at the local level to provide the most impact for the people who live in the community. The company provides scholarships and gifts to local schools and other educational programs. It also donates funds for charities that address the issues of hunger and homelessness. In 2009, Walmart and its foundation donated more than $423 million globally in charitable contributions.
Financial Success
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Walmart posted sales of $405 billion for the end of 2009 fiscal year. While other retailers are down-sizing and closing stores, Walmart continues to expand. Walmart operates more than 4,300 stores in the United States. The company's focus on buying in bulk and passing the savings onto consumers has made it a business model.
Future
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As Walmart continues its expansion around the world, its future appears bright. The company's focus lies with certain major issues. As the face of health care changes in America, Walmart is looking to position itself to help provide lower-cost prescriptions as well as over-the-counter treatments. Walmart is planning to do its part to make its stores more energy-efficient with more efficient lighting and waste management.
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References
- Photo Credit sign/symbol.sale. image by L. Shat from Fotolia.com
