Sam was born in a small town in Oklahoma, he grew up during the Great Depression.
Sam Walton, whose real name was Samuel Moore Walton (29 March 1918 – April 5, 1992), was the founder of the chain of shopping centers Wal-Mart.
Sam was born in a small town in Oklahoma, he grew up during the Great Depression. Sam learned from childhood to help fend for his family (he sold milk and delivered newspapers as a child). Then he studied in college (where he distinguished himself mainly through sports), then at Columbia University where he studied economics (he joined the fraternity Beta Theta Pi). Three days after graduating, Walton was hired in a JCPenney store as a manager in the company. In 1942 he met Helen Robson, daughter of a banker and herself a graduate in commerce, she will become his wife on 14 February 1943. Shortly thereafter, Sam joined the U.S. Army.
Sam Waltonat the end of the war (in 1945) decided to open her own shop. With a loan of 25 000 dollars he rented a shop franchisee chain of Butler Brothers in Newport in Arkansas. It is in this shop that the couple will develop and test some of the concepts that will make them successful.
The shelves must always give an impression of abundance with a wide range of goods at low prices, and Walton begins the practice of discounts (through buying in large quantities). The store remains open even late at Christmas.
The store became the most powerful chain Butler Brothers, the owner of the store attributing the success to the proper location of the store and not the revolutionary methods of Walton decided not to renew the lease for the award to his own son. The couple is forced to leave, although 50 000 dollars in profits in their pockets. In 1950, they opened a new store in Bentonville Butler Brothers. During that time, Sam himself in many civic activities (it takes care of the local hospital, the baseball team, he was elected president of the Rotary Club and Chamber of Commerce).
That’s when he decided to open a second store, but this time outside the channel for which he worked. It is seen in its competitors to find good sales for this store. It is a real turning point because it is now seeking and hiring managers. He motivates his managers with promises to become shareholders (limited) in the chain, and they are therefore to maximize their profits.
Thus, with motivated teams and techniques he has already tested, it opens more stores. It is also already enjoy his family, involving his company his brother, his brother and his stepfather. In 1962, Sam Walton and his brother Bud has 16 stores in Arkansas, Missouri and Kansas.
This year they call their Wal-Mart.
Wal-Mart now operates some stores in 4750 (mainly in the United States but increasingly internationally), hiring more than 1.4 million employees and generates an annual turnover of $ 315,654 U.S. $.
This name is still synonymous with low prices but also maximum exploitation of employees. Indeed, from the beginning of its expansion, the company will carry out a policy of trade unions and denial of salary (see Wal-Mart).
The convictions of Sam Walton on work and family made him a staunch defender (and a contributor) of the Republican Party, including George Bush.
In 1992 Sam Walton was awarded the Presidential Medal of Freedom. Forbes magazine ranked the richest man in America from 1985 to 1988 (Bill Gates appeared in the rankings in 1992, the year of the death of Sam Walton).
Sam Walton’s children and widow each are expected to inherit over 18 billion dollars for a total of 91 billion dollars. They hold 5 of the spots as the top 10 richest people in the United States and are still well placed on the international list of billionaires for the whole world. Since the death of John who was a director, only the son “Rob” was working for the multinational family (as Chairman of the Board).
Works Cited:
Vance H. Trimble, Sam Walton: The Inside Story of America’s Richest Man, 1990.
Sam Walton and John Huey, Sam Walton: Made in America : My Story, 1996.
Anthony Bianco, “The Bully of Bentonville”, 2006.
