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Submitted by cmalexander13 on June 29, 2008
Category: Business
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Wal-Mart is one of the most successful retail stores in America, they gross over $1.15 million in profit in a single year. Wal-Mart has strived to be number one in retail since the first store opened in 1962 in Rogers, Arkansas by Mr. Sam Walton. He had a vision of understanding what consumers wanted out of a retail store. He knew that customers wanted quality items at a discounted price. Before opening his store Sam Walton traveled the country to study the new retailing concept and was convinced that his store was the wave of the future. 2. Mr. Walton wrote in his autobiography that “The secret of successful retailing is to give your customers what they want,” he also said that “ you love it when you visit a store that somehow exceeds your expectations, and you hate it when a store inconveniences you, or gives you a hard time, or pretends you’re invisible.”
Mr. Walton and Wal-Mart started to expand to only have the funds to open up 15 other stores while there rival K-Mart expanded across the country. Wal-Mart got there first big break in 1970 when stock was offered with the New York Stock Exchange. By the end of the decade they grew to open 276 stores and grew to 11 states. In the 1980’s Wal-Mart was one of the most successful retailers in America. There sales grew from $1 billion to $26 billion by the end of the 80’s.
Wal-Mart was growing in size, and growing with technology. 4. Wal-Mart invented the practice of sharing sales data via computer with major suppliers, one of there biggest suppliers was with Proctor & Gamble. Every time a Proctor & Gamble item is rung up Wal-Mart data warehouse takes note and knows when it is time to replenish a certain item. With this going on Wal-Mart rarely ran out of popular items due to this new technology. Wal-Mart also wanted to improve on the way shoppers shopped, so they invented the Wal-Mart Supercenters. They wanted shopper to only have to make one stop when shopping so they...
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