How Does Wal-Mart Save People Money?
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Instructions
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History and Facts
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Wal-Mart is a chain of discount retail and grocery stores founded by Sam Walton in 1962. Walton began as a store manager for a chain of stores in Arkansas. He went on to open his first store, called Walton's Five and Dime, where he implemented new business techniques, such as charging slightly less than other retailers. As a result, Walton experienced a higher sales volume, and his store was an immediate success. In July 1962, Walton opened his first Wal-Mart. Within five years, he had expanded across Arkansas and into neighboring states including Missouri, Oklahoma, Kansas and Louisiana. In the 1980s, Wal-Mart continued to grow, expanding ito the United Kingdom, China and South America. Today, it is one of the largest private employers in the world.
Business Practices
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Wal-Mart's slogan recently changed from "The Lowest Prices. Guaranteed!" to "Save Money. Live Better." Both slogans emphasize saving customers money, which is arguably Wal-Mart's biggest asset and the key to its monstrous success. Wal-Mart is known for selling quality goods at affordable prices, which encourages customers to keep coming back. Walton's business practices revolutionized the retail world. His stores always carry a variety of quality goods at prices lower than those of competitors. He gives customers discounts by buying at a lower price from wholesalers. Furthermore, his stores remain open later than those of most retailers.
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How Wal-Mart Saves People Money
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Wal-Mart's consumer-centric business practices have garnered the retail corporation many loyal customers. Wal-Mart offers all types of products, from toys to cosmetics to food, at much lower prices than other retailers. It also gives customers discounts on most products, issues coupons and implements sales during holidays. Many people who shop at Wal-Mart find themselves saving 20 percent to 40 percent on products such as groceries and entertainment.
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