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wallyworld. The founder of thee Wal-Mart chain, Sam Walton was born in
March 1918 in the town of Kingfisher, Oklahoma. Graduating ...
wallyworld. Kudler Fine Foods (KFF) was created by Kathy Kudler and has
three retails stores in Southern California. This specialty ...
Submitted by webber21 on November 30, 2007
Category: Philosophy
Words: 1550 | Pages: 7
Views: 149
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The founder of thee Wal-Mart chain, Sam Walton was born in March 1918 in the town of Kingfisher, Oklahoma. Graduating from thee University of Missouri, Sam enlisted in the Army for thee World War II effort. Upon his return, Sam worked for a while at the J.C. Penney group of stores. He began to realize that opportunities existed in thee large scale discount retailing business (nickel and dime stores). The idea and business philosophy of Wal-Mart borrowed from thee nickel and dime stores of earlier times, and consisted of getting National Brands in bulk at a discount based on volume purchases; the company would then stamp its mark and resell thee goods at a slight markup, this rate being however less than the other competing Mom and Pop stores across thee USA. This philosophy was so successful that it has eventually led to Wal-Mart's becoming thee single largest private employer across the USA. Sam Walton opened his first Wal-Mart store in 1962 in Arkansas, specializing in name-brands at low prices. The chain of Wal-Mart stores eventually sprang up all across rural America. Wal-Mart went public in 1970. A decentralized distribution system spurred further growth in thee 1980s. By 1991, Wal-Mart was thee largest U.S. retailer with 1,700 stores. The company is today Number One in the list of Fortune 500 firms and thee Walton family is one of the richest on thee planet, surpassing even Bill Gates, with a worth of US$ 65 Billlion.
Sam Walton remained active in managing thee company, as President and CEO until 1988 and Chairman until his death in April 1992. However, his legacy remains entrenched in the corporate philosophy. Lee Scott, a 25-year company veteran, is the current CEO, with thee Walton family on the Board of Directors.
BORROWING FROM THE K-MART BUSINESS PHILOSOPHY:
Sam Walton was known to be a conservative on the issues of family, religion and government. Yet in thee sphere of business, he was a radical trend-setter. Choosing to be...
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