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Thursday, June 24, 2021

Sam Walton, the Founder of Walmart who believed in selling more for less

We often listen to stories about business tycoons who started from scratch and made an empire for themselves with diligence and willpower. These narratives always work as sources of motivation for us. It always spurs people when they hear about entrepreneurs who began with nothing. Sam Walton is one such prominent example.

It’s nearly sarcastic that Walmart often experiences disapproval for paying fewer wages to its workers and utilizing cutthroat competition for making the maximum possible gains. The founder of Walmart, Sam Walton, had nil savings while he launched his first retail outlet in 1945. 

Walton depended on a borrowing of $25,000 that he took from his father-in-law for financing his first store purchase. This move turned out to be an immediate accomplishment for him in the retail sector. The earliest formal Walmart store was launched in Rogers, Arkansas.  

By 1976, the company valuation surpassed $176 million. There was a time when Sam Walton was assumed to be the richest man in the US. 

About Walmart

It is astonishing to know that Walmart has developed into the biggest retail chain in the world over the past five decades despite beginning with just one discount store. The basic concept that they followed is to sell more goods for less price. Around 220 million subscribers and customers go to around 10,500 clubs and outlets under forty-eight placards across 24 nations and e-commerce sites.

In 2021 fiscal, Walmart reported revenue of $559 billion and it features a robust workforce comprising more than 2.3 million affiliates all over the world. In terms of CSR (corporate social responsibility), eco-friendliness, and job creation, Walmart enjoys the position of a worldwide leader. Walmart has achieved all these because of its steadfast dedication to opportunity generation and adding value to all its products and services for customers and societies throughout the world.  

Walmart Timeline

The chronology of Walmart is not just about the shops they developed, the collaborations they ventured into, and the customers they catered to. There are many other things as well. Find out how Walmart started, how it developed, and how its management transformed the retail sector.

The 1960s – A retail revolt 

Walton developed a tactic to win over customers at the very first go – sell more for less.

1962 – Rogers, AR

On 2nd July 1962, Walton launched the first Walmart shop in Rogers, AR.

1967 – Growth is felt

The Walton household operated 24 outlets and sales recorded revenue worth $12.7 million.

1969 – Formal incorporation

Walmart formally incorporated with the name Wal-Mart Stores, Incorporated.

In the 1970s, Walmart went countrywide. Throughout this decade, the company witnessed unbelievable expansion due to the far-flung charm of Walton’s motto.

1970 – Walmart launched its IPO 

The company turned into a publicly-traded firm. The initial stock was traded at 16.5 dollars per share.

1971

The first Home Office and supply hub were launched in Bentonville, AR.

1972

The company started trading its stocks with the symbol WMT on the New York Stock Exchange. With fifty-one outlets, Walmart grossed revenue worth $78 million.

1975

Motivated by a trip to a Korean production hub, Walton launched the Walmart cheer or chant.

1979

Walton set up the Walmart Foundation.

By the 80s, the first Sam’s Club came into existence, catering to the needs of individual customers and small-scale enterprises. The first Supercenter launched by Walmart was a blend of a superstore with a common market.

1980

The yearly sales of the company touched $1 billion, quicker than any other organization during that period. Walmart now had 276 outlets and recruited 21,000 affiliates. 

1983

The earliest Sam’s Club was launched in Midwest City, OK.

Walmart substituted cash register machines with digital POS devices, allowing quick and precise checkout procedures.

1984

Sam Walton performed the Hawaiian dancing on Wall Street, keeping on a vow to affiliates once Walmart attained a pre-tax gain of 8% for the earlier financial year.

1987

The Walton household sets up the Walton Family Foundation.

Walmart sets up the biggest remote satellite communication arrangement in the United States, connecting the services of the firm via data, voice, and video interaction.

1988

The oldest Walmart Supercenter launched in Washington, MO, blending common products and a whole-scale hypermarket for offering a one-stop solution for shopping enthusiasts.

In the same year, David Glass got nominated as the Chief Executive Officer of Walmart.

In the 1990s, Walmart turned into the best retailer in the United States. 

1990

By 1990, the company turned into the top retail company in the country. Since the Walmart Supercenter changed the definition of shopping under one roof with ease, Everyday Low Prices went global.

1991

Via a partnership with Cifra, a retailer based in Mexico, the company turned overseas, launching Sam’s Club in the capital of Mexico.

1992 – Medal of Freedom conferred

Sam Walton was honored with the Medal of Freedom just before his demise when he was 74 years old. At the time of the conferral, he enunciated the goal of the company to save people money so that their life gets improved.

After Walton’s demise, Rob Walton, the eldest son of Sam, took over as the chairman of the BOD.

Walmart now recruited 371,000 affiliates in 1,928 clubs and depots.

1993

The earliest $1 billion sales week was observed by Walmart.

1994 – Expansion into Canada

Walmart grows into Canada by acquiring 122 Woolco outlets.

1996 – Walmart turns Asian

Walmart launched its first shop in China.

1997

Walmart revealed its first sales year marking sales worth $100 billion.

1998

Walmart launched The Neighborhood Market pattern with 3 outlets in AR. The company also penetrates the UK market by taking over Asda.

In the 2000s, Walmart gets into the new millennium with a commitment to providing the customers a smooth shopping experience no matter where they are – in a shop, online, or on their smartphones.

2000

Lee Scott, Junior follows David Glass as the Chief Executive Officer.

Walmart.com was set up, enabling US-based customers for online shopping. The company had over 1.1 million affiliates in 3,989 clubs and outlets globally.

2002

For the first time, Walmart achieved the top position of the Fortune 500 rating of the biggest corporations in the US. It also gets into the marketplaces in Japan via investing in Seiyu.

2005 – Philanthropy

Walmart played a key role in catastrophe management. It donated $18 million and provided 2,450 truckfuls of provisions to the sufferers of hurricanes Rita and Katrina.

The company made a key commitment for maintaining eco-friendliness, declaring missions for generating nil waste, utilizing just inexhaustible energy, and marketing goods that are viable for the environment and individuals.

2006

The first $4 generic-medicine prescription scheme was launched by Walmart.

2007

The Site to Store facility was introduced by Walmart, allowing customers to buy over the Internet and collect merchandise from outlets.

2009

Mike Duke gets appointed as CEO.

The company ventures into Chile by acquiring a bulk stake in D&S S.A.

On the first occasion, Walmart surpassed $400 billion in yearly sales.

In the 2010s, Walmart turned technology-driven and headed by efficient people. The commitment was to serve customers in a transforming retail setting, maneuvering both technology and affiliates to make it possible.

2010

Bharti Walmart, a partnership business, launched its first outlet in India.

2011

Walmart grows its operations into South Africa by taking over a 51% stake in Massmart Holdings Ltd. By acquiring Massmart, Walmart exceeds 10,000 retail divisions across the globe.

2012

2012 was a landmark year for Walmart since it observed five decades of aiding individuals to save money and improve their lives.

2013

Walmart took over BhartiWalmartPvt Ltd, incorporating the Best Price Modern Wholesale cash and carry operations in India.

Walmart pledges to purchase goods made in the US worth $250 billion during the coming ten years. It launched its first outlet in the District of Columbia.

2014

Doug McMillon took over as CEO in place of Mike Duke.

Greg Foran was appointed as CEO and President of Walmart United States.

2015

Walmart recruited 2.3 million affiliates around the world and served a customer base of over 200 million weekly at over 11,000 outlets in 27 nations.

Walmart took over the entire stake of Yihaodian, a Chinese-based e-commerce company, raising from 51% since 2012. Rob Walton quits as chairman of the BOD of Wal-Mart Stores, Incorporated. He keeps on working in the position of a director.

Greg Penner becomes the successor of Rob as the chairman of Wal-Mart Stores, Incorporated.

2016

The company launches Walmart Pay, a quick, safe, and simple app for customers for making in-shop payments. Jet.com, an online retail company, joins Walmart, and Hayneedle, a Jet.com subsidiary company becomes a part of this acquisition as well.

JD.Com, the biggest e-commerce behemoth in China in terms of revenue, forged a strategic alliance with WM to cater to the customers throughout the country, encompassing both offline and online modes. 

2017

The company appointed John Furner as the new CEO and president of Sam’s Club. It also introduced the 2-day free-of-cost shipping offer on over 2 million merchandise without any necessity of membership.

Acquisition of ModCloth, Moosejaw, Parcel, and Bonobos also took place in the same year. Jet.com took over ShoeBuy.com, subsequently named Shoes.com.

A technology incubator named Store No 8 got introduced by Walmart, with an emphasis to propel trade ahead and revolutionize the prospect of retail businesses.

Project Gigaton was introduced by the company, requesting vendors to aid to cut down greenhouse emissions by 1 gigaton from the supply chain. Walmart also fixes a fresh aim to diminish its commodities’ chemical footmark by ten percent by the year 2022.

2018

Walmart alters the authorized name to WalmartInc from Wal-Mart Stores, Inc.

Judith McKenna got the appointment as CEO and President of Walmart International. Acquisition of Art.com, Bare Necessities, and Eloquii also happened this year.

2019

John Furner got appointed as CEO and President of Walmart United States.

Walmart has pledged to become the most dependable retailer in the world by achieving particular objectives by 2025, concentrating on eco-friendly business operations, empowerment of its affiliates, and bettering the lifestyle of people across the world.



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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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