Part One : History of WAL Mart
Wal-Mart is the world's largest retailer of the world. Wal-Mart is not only an economic force, a cultural phenomenon but also a lightning rod for controversy. Wal-Mart started with a simple philosophy from his founder Sam Walton: Offer shoppers lower prices than they get anywhere else. This basic tenet shapes Wal-Mart's culture and drives the company's growth.
The history of Wal-Mart can be traced back to the 1940s when Sam Walton began his career in retailing. After graduating from the University of Missouri in Columbia, Sam accepted a job offer from JC Penney store in Des Moines, Iowa on June 3, 1940, making a salary of $2 a month. During his employment there, Sam was able to meet James Cash Penney, the department store's founder. He remained at JC Penney for eighteen months.In September 1945, Walton acquired, from George Scharlott, the franchise and lease on a Ben Franklin in Newport, Arkansas. The variety store was part of a chain operated by the Butler Brothers, a regional retailer. After three years, Walton increased annual sales from $80,000 to $225,000 by 1948. However, the landlord, P.K. Holmes, declined to renew the lease on favorable terms and Walton was forced to relocate before the end of 1950. Walton was prepared to purchase a five-and-dime from Jim Dodson in Siloam Springs, Arkansas, but the two were $5,000 apart on agreement on a purchase price. On May 9, 1950, Walton purchased a store from Luther E. Harrison in Bentonville, Arkansas, and opened Walton's 5 & 10. Thus, the Ozark Mountain town of 2,900 residents would become the headquarters for the world's largest retailer.
A Brief Wal-Mart Timeline after the early time
- 1962-Company founded with opening of first Wal-Mart in Rogers, Arkansas.
- 1969-Company incorporated as Wal-Mart Stores, Inc. on October 31.
- 1970-Wal-Mart opens first distribution center and home office in Bentonville, Arkansas.
- 1970-Wal-Mart stock first traded over the counter as publicly-held company.
- 1971-First 100 percent stock split in May: Market price: $47.
- 1972-Wal-Mart was approved and listed on the New York Stock Exchange.
- 1972-Second 100 percent stock split in March: Market price: $47.50.
- 1975-Third 100 percent stock split in August: Market price: $23.
- 1977-Wal-Mart made first acquisition: 16 Mohr-Value stores in Michigan and Illinois.
- 1978-Wal-Mart acquires Hutcheson Shoe Company.
- 1978-Pharmacy, auto service center, and jewelry divisions introduced.
- 1979-First billion dollar year in sales, total sales: $1,248,000,000.
- 1980-Fourth 100 percent stock split in November: Market price: $50.
- 1982-Fifth 100 percent stock split in June: Market price: $49.875.
- 1983-The first SAM'S club was opened in April in Midwest city, Oklahoma.
- 1983-Acquired Woolco stores within the United States.
- 1983-"People Greeter" program introduced at all stores in April.
- 1983-First one-hour photo lab opened in Tulsa, Oklahoma.
- 1983-Sixth 100 percent stock split in June: Market price: $81.625.
- 1984-Sam Walton did the hula on Wall Street. He promised associates that he would do this if the company had a pre-tax profit of 8 percent in 1983.
- 1984-David Glass named company president.
- 1985-Seventh 100 percent stock split in September: Market price: $49.75.
- 1985- Acquired Grand Central Stores.
- 1985-Wal-Mart stock traded on the Pacific Stock Exchange.
- 1987-Eighth 100 percent stock split in June: Market price: $66.625.
- 1988-David Glass named Chief Executive Officer of Wal-Mart Stores, Inc.
- 1988-First Supercenter opened in Washington, Missouri.
- 1988-Acquired Supersaver units.
- 1990-Wal-Mart positioned as the nation's #1 retailer.
- 1990-Acquired Western Merchandisers, Inc. of Amarillo, Texas.
- 1990-Acquired McLane Company of Temple, Texas.
- 1990-Ninth 100 percent stock split in June: Market price: $62.50.
- 1991-Acquired 28 units from The Wholesale Club, Inc. of Indianapolis, Indiana.
- 1991-Entered international market for the first time with the opening of Club Aurrera in Mexico City.
- 1992-President George Bush presented Sam Walton with the Medal of Freedom on March 17.
- 1992-First Wal-Mart store opened in Puerto Rico.
- 1992-Sam Walton passed away on April 5.
- 1992-S. Robson Walton named Chairman of the Board on April 7.
- 1993-First billion dollar sales week in December.
- 1993-Acquired 91 Pace Warehouse clubs.
- 1993-Tenth 100 percent stock split in February: Market price: $63.625.
- 1994-Wal-Mart acquired 122 Woolco stores in Canada from Woolworth Canada, Inc.
- 1994-Implemented Code Adam program, named after Adam Walsh, in all stores.
- 1995-James Lawrence "Bud" Walton, co-founder, passed away.
- 1995-Three SAM'S Clubs and three Supercenters open in Buenos Aires, Argentina.
- 1996-Wal-Mart listed on Toronto Stock Exchange.
- 1996-Wal-Mart entered Korea and China through joint venture agreements.
- 1997-Wal-Mart became the #1 employer in the United States with 680,000 associates.
- 1997-Wal-Mart replaces Woolworth on the Dow Jones Industrial Average.
- 1997-Wal-Mart has first $100 billion dollar sales year: total sales: $105,000,000,000.
- 1997-Wal-Mart introduced OneSource nutrition centers.
- 1998-Wal-Mart expanded into Germany.
- 1998-Wal-Mart exceeds $100 million in annual charitable contributions, with donations totaling $102,000,000.
- 1999-Eleventh 100 percent stock split in March: Market price: $95.
Part One : History of WAL Mart
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