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Samuel Walton was the founder of the Wal-Mart retail stores all over the United States.
He was able to uplift his family's financial status to become one of the richest families in the world. Walton was also big on empowering teams.
His stores are known for their roles in the community. Samuel Walton was not only famous because he was rich. What made him more famous was how he managed to turn a retail store into a lucrative business empire.
Samuel Walton - Wal-Mart was Almost Two Decades in the Making…
After graduating from the University of Missouri, where he majored in Economics, Samuel Walton had his first work experience at a J.C. Penney branch in Des Moines, Iowa. He earned $75 a month working as a management trainee. His second job was at the Du Pont Munitions Plant in Tulsa, Oklahoma where he met his wife. He and Helen Robson tied the knot in February 1943, barely a year after they met.
Samuel Walton had always wanted to open up a department store. However, he settled for a variety store instead. Helen's father loaned him $20,000 as an additional capital to his $50,000 savings.
Walton opened up his first ever store in Newport, Arkansas. After seeing the potential of Walton's store, the owner of the building drove him away by demanding for an unfair rent. Samuel Walton ended up selling his stocks for $50,000. He moved on in search of greener pastures.
Samuel Walton opened up his second store which he called Walton's Five and Dime. With his family's help, he was able to put up more stores under the Ben Franklin franchise. The first true Wal-Mart Store opened in Bentonville, Arkansas. It was in the year 1962. Around this time, Walton was beginning to lay down the foundations for the present-day Wal-Mart, Inc.
Samuel Walton, through Wal-Mart, empowered the communities they serve by catering to their needs and providing scholastic assistance to deserving individuals. Customer satisfaction was important to him, as well.
The formula to Wal-Mart's success, according to Walton, was the low prices and wide selections they offered. He knew that by purchasing wholesale items directly from manufacturers, he can also pass on discounts to his customers.
The Samuel Walton Quick Bio
Full name: Sam Moore Walton
Birth date: March 29, 1918
Birth place: Kingfisher, Oklahoma
Company: Wal-Mart Stores, Inc.
Industry: Retail
Key success traits: extremely hardworking, very meticulous, persistent and patient dreamer
Additional:
Samuel Walton died of cancer on April 6, 1992. Wal-Mart, Inc. was passed on to his wife and their children. Rob Walton, Samuel's son, took over the family business as the new Chairman of the Board. Other members of the family only held voting powers as shareholders of the Wal-Mart, Inc.
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