Company Background Of Wal Mart

1661 Words Oct 8th, 2014 7 Pages
Company Background

Wal-Mart Stores Inc. is one of the largest retailers in the world and not only that but is also considered as the largest corporation in the world. Sam Walton was the founder of Wal-Mart Inc. He graduated in 1940 with a degree in economics and began his career at J.C Penny as a management trainee. After saving up money for three years at his current job he decided to quit and open a Ben Franklin variety store in Newport, Arkansas. Due to some issues he lost his lease for his first store but did not loose hope and together with his brother J.L Walton opened up a new store in Bentonville.
In 1960’s Sam Walton believed that he had enough experience about the retail industry that he could introduce large discount shopping stores for the average person and make profits off this idea. He decided to propose this idea to the owners of Ben Franklin franchises but unfortunately for them they did not consider this idea viable enough. Upon this Sam and his brother opened up their first Wal-Mart store in Rogers, Arkansas.
Sam’s brother’s main focus was to keep Wal-Mart’s concept of big retail stores that offer the best brands at low prices and hence came the slogan “everyday low prices”. This idea and image has made Wal-Mart a success today. By the end of the year Wal-Mart had opened up more than 24 stores with sales of about $12.6 million. Wal-Mart decided to open up stores outside of Arkansas by 1968 and soon incorporated the company, as Wal-Mart Inc. Older…

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