History and Facts about Wal-Mart
As compared to other genuine companies that changed a lot in the world of entrepreneurs, Wal-Mart has a short, yet highly-acclaimed story of success that is backed by brute force of efforts put in by many members and employees.
Wal-Mart Facts
- Type of Organization: Public Company
- Foundation: Rogers, Arkansas, United States of America
- Founder: Sam Walton, March 29, 1918 - April 5, 1992
- Current Headquarters: Bentonville, Arkansas, United States of America
- Sector/ Type of Industry: Retailing, Discount stores, Super markets or shoppes and neighborhood shops
- Current Revenue: 404.16 Billion US Dollars
- Net income: 13.59 Billion US Dollars
- Total Employees: 2,100,000
The Early Days
Retail and discount stores originated in the United States, in the early 1950s. The concept of retail stores grew extremely popular in the United States. Sam Walton who was convinced that the American consumers wanted something more than retail shops, opened his own discount and retail shop in Rogers, Arkansas. Walton had traveled all across the United States, and had gained a lot of experience pertaining to discount shops. In 1962, he started the Wal-Mart phenomenon by opening the first store. In the next five years and a lot of hard work later, Walton was able to open 24 stores in Arkansas itself. The 24 stores played a highly instrumental role in helping Wal-Mart achieve a landmark turnover of $ 12.6 million. In 1968, Wal-Mart hired its first commercial pilot for speedy logistics. On October 31, 1969, Wal-Mart stores changed from an establishment to an official incorporated company under the name, Wal-Mart Stores Inc.
The decade that began from the 1970s was period of substantial economic growth, in the history of Wal-Mart. In 1971, It started off a huge expansion by opening a gigantic center and also a home office in Bentonville, Arkansas. The 70s decade saw a substantial rise in the number of employees and turnover which amounted to about 1500 associates and a sales worth $44.2 million that left a lot of entrepreneurs spellbound. One of the biggest landmark of this decade was the sale of shares "over the counter". The two significant years from the point of view of the company were, 1971 and 1975. In the month of May of 1971, the stocks of Wal-Mart experienced a 100% split and an astonishing market price of 47$ per share was achieved. In the year 1975 an amazing sales worth $340.3 million was achieved. The company had expanded to 7500 associated and had 125 operational stores. In 1977, in a massive takeover, Wal-Mart acquired the Hutcheson Shoe Company and also introduced a branch for pharmaceuticals by the name Wal-Mart pharmacy. By the end of the decade, Wal-Mart had become a giant in the American retail industry with a turn over of more than 1.248 billion dollars in sales and 276 stores managed massive yet efficient staff of 21, 000 associates.
The Years of Rise
The two decades of 1980s and 1990s witnessed the transformation of a large national retail chain into a global retail phenomenon. As the company grew, both, in size and in terms of monetary earnings, the operational area also kept on increasing. In 1983, the first Sam's club was opened and it was ranked first among the retail shop chains by the Forbes Magazine. In the year 1988, Wal-Mart's first super center, was inaugurated which later on became a conventional shop in many regions and countries throughout the world. By the end 1980s decade, Wal-Mart was operating a massive chain of stores that numbered 1,402 normal stores and had 123 Sam's clubs that churned out sales worth $26 billion or more.
An Era of Success
Walton's ideas and efforts have made it one of the organizations that have changed the world. The idea of retail shops, discount stores and super shops have changed the world of shoppers and consumers. Today the organization employs more than 2.1 million associates and direct employees. The stores of Wal-Mart serve more than 176 million consumers world wide, annually.
Sam Walton and Wal-Mart have been successful in setting an example before the world about maintaining values and also managing the never-ending growth and success.
