Sam Walton was an American businessman and entrepreneur. He is famous for establishing the retailers Walmart and Sam's Club. Walmart is an American multi-national retail corporation that operates a chain of hypermarkets. It eventually grew and became the world's largest corporation by revenue and the biggest private employer. For a specific period of time, Sam was the richest man in America. He also received the Distinguished Eagle Scout Award from the Boy Scouts of America. At the time of his death, he had a net worth of $8.6 billion.
Sam Walton- Biography
|Name||Samuel Moore Walton|
|Born||29 March, 1918|
|Birthplace||Kingfisher, Oklahoma, U.S|
|Death||5 April, 1992|
|Education||University of Missouri|
|Known for||Founder of Walmart and Sam's Club|
|Net worth||$8.6 billion ( at the time of death)|
|Brother||James "Bud" Walton|
|Children||S. Robson Walton, John T. Walton, Jim Walton, and Alice Walton|
Sam Walton - Personal Life
Sam was born in Kingfisher, Oklahoma. He lived with his parents near their farm. However, the family was unable to cope up with their financial needs through farming. Gibson Walton, Sam's father, then decided to mortgage his farm and worked for his brother's Mortgage Company which was an agent of Metropolitan Life Insurance.
The family later moved to Columbia, Missouri. He grew up during the Great Depression of the 1930s. He used to do the household chores like milking the cow, bottling the surplus, and delivering it to customers to meet the financial ends of the family. After completing his household errands, he used to deliver Columbia Daily Tribune newspapers on paper route and sell magazine subscriptions.
Sam Walton - Education
Sam became the youngest Eagle Scout while studying in eighth grade in Shelbina, Missouri. He then studied at David H. Hickman High School in Columbia and was given the title of the 'most versatile boy'.
He graduated with a Bachelor of Economics from University of Missouri in 1940 and was voted as the "permanent president" of the class.
Sam Walton - Professional Life
Sam did various jobs to fulfill the financial requirements of his family during the Great Depression period. He waited tables in exchange for meals. He earned several honors and awards. He joined the Zeta Phi part of Beta Theta Pi fraternity. He also received the QEBH, the national military honor Scabbard and Blade. Sam Walton also served as the president of Burall Bible Class and Stephens College.
He joined J. C. Penney as a management trainee in Des Moines, lowa. This job paid him $75 per month. He resigned after 18 months in 1942 to join the military force serving in World War II.
Sam Walton - Military Journey
Sam's military journey taught him to be a giver rather than a taker. He also realized his interest in retailing and business while serving in the military. He joined the military in the U. S Army Intelligence Corps and supervised security at aircraft plants and at prisoner of war camps. He eventually acquired the prestigious position of captain. Sam Walton then left the Army and to work on his retail store idea.
Sam Walton - Startup
At age 26, Sam started his first variety store with a $20,000 loan from his father-in-law and $5,000 that he saved while serving in the Army. He then purchased a store which was a franchise of Butler Brothers chain. He offered prices as good or better than the nearby stores and consistently stocked a variety of goods in his store.
He opened his second store called the Eagle department store. After seeing the growth in sales, the landlord started rolling out some contracts/clauses which Sam wasn't comfortable with. Sam was forced to leave the rented store and got fixtures for $50,000 which he called "a fair price".
He purchased a new location in Bentonville that eventually grew from $72,000 to $105,000 in the first year of sales and then to $175,000. The new store was named "Five and Dime". Sam was encouraged to escort more locations and open more Ben Franklin franchises.
Sam Walton - Walmart
The company was first labeled Walmart on 2 July, 1962 in Rogers, Arkansas. It was then called Wal-Mart Discount City store. Sam focused on marketing American-made products and worked on finding American manufacturers who could supply merchandise for the whole Walmart chain at reasonable prices to stand firmly before foreign competitors.
Sam's model for Walmart Incorporation offered two advantages; the first one was 'limited existing competition'. The second advantage was the gigantic store that discouraged businesspersons in the nearby areas from entering the market. He emphasized logistics, locating stores of regional warehouses, and distributing through Walmart-owned trucking service.
Sam Walton - Sam's Club
Sam introduced Sam's club, an American chain of membership-only retail warehouse clubs owned and operated by Walmart Incorporation. Sam's Club was founded in 1983 and it was named after the founder. The company ranks second among warehouses clubs in sales volume with sales worth $57.839 billion. Sam's Club operates 599 membership warehouse clubs in 44 states of the U.S.