Walmart History Essay
Sam Walton founded Walmart in 1962. He was a businessman who started working in retail in 1940 at a J.C. Penney store in Des Moines, Iowa. In 1945, he ran a retail store in Newport, Arkansas, part of a chain of variety stores named Ben Franklin. Instead of renewing his lease, however, he decided to open a new Ben Franklin franchise in Bentonville, Arkansas and called it “Walton’s Five and Dime.” He succeeded by selling at a discount. Walmart’s purpose best exemplifies what the company still stands for today:
“Saving People Money So They Can Live Better” (Walmartstores.com) Within five years, the company had grown to 24 stores throughout Arkansas, reaching sales of $12.6 million. The company officially …show more content…
“Under Project Impact, Walmart will make major plays in winnable categories. The pharmacy, for example, has been pulled into the middle of the store, and its $4-prescriptions program has generated healthy buzz. With Circuit City out of business, the electronics section has been beefed up. Walmart is also expanding its presence in crafts. Sales at Michael's Stores, the country's largest specialty arts-and-crafts retailers, have sagged, and Walmart sees an opportunity. (Gregory, 2009)”
Strengths • Largest retailer & employer in U.S.
• A large number of products offered in one place
• Sales prices throughout the year, not just special