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The Interesting History of Wal-Mart
Although the first Wal-Mart in Rogers, Arkansas didn’t open until 1962, it’s history really began in the 1940’s when Sam Walton began his career in retailing. Before graduating from the University of Missouri in Columbia, Missouri in 1940, Mr. Walton accepted a job from JC Penney where we worked for eighteen months. In September, 1945, Mr. Walton acquired a Ben Franklin franchise in Newport, Arkansas and nearly tripled the sales in three years. In May of 1950, Mr. Walton purchased a store in Bentonville, Arkansas and opened Walton’s 5 & 10. By 1962, he had eleven Walton’s stores and opened his first Wal-Mart. By 1974 he had 78 stores selling over $167 million per year.
One thing that drove the dramatic growth of Wal-Mart was Mr. Walton’s willingness to negotiate lower prices through volume buying, maintaining efficiency with the use of computers and electronic communication and then passing the savings on to the customer. By 1990, the Wal-Mart chain grew to become the nation’s #1 retailer with more than 1,500 stores which included its first store outside the U.S. Sales that year exceeded $25 billion. In 1995 Wal-Mart had nearly 2,000 stores spread out among all 50 states and then reached sales of more than $93.6 billion and then opened its first online store in 1996.
In 2002, Wal-Mart has its biggest single-day sales in history with $1.43 billion on the day after Thanksgiving. By the end of 2006, it had 6,775 stores worldwide with yearly sales of $349 billion making it the worlds’ largest retailer with sales more than 3 times that of the second largest.
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