Walmart
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Overview
When Sam Walton founded the first Wal-Mart in 1962, the idea of bringing in a discount-shopping store into rural America was almost unheard of, except for the local five and dime stores. When Walton noticed that he had a lot of competition from regional discount chains, him and his wife Helen traveled the country to study other new retailing concepts, and were convinced that it was the wave of the future. With Waltons vision, Wal-Mart grew to be a multi-billion dollar, international company, operating about 4,600 stores around the world.
Wal-Mart competes in many industries that include: 5331- Retail-Variety stores, 5411-Grocery stores, 5311-Department stores, 5812-Eating Places, 5399-Miscellaneous General Merchandise store, and 5912-Drug stores and Proprietary stores. Since there are several industries to choose from, our group chose to go with retail-variety stores, SIC code 5331. These establishments are primarily engaged in the retail sale of a variety of merchandise in the low and popular price ranges. Sales are made on a cash and carry basis, with the open-selling method of display and customer selection of merchandise.
Wal-Marts milestones began in 1962 when the first Wal-Mart was opened in Rogers, Arkansas. Seven years later the company incorporated as Wal-Mart Stores, Inc. Then a year later they opened the first distribution center and home office in Bentonville, Arkansas, and also went public on the New York Stock Exchange. Several years later, in 1988, the first super center was opened. Then in 1991, the first international unit was opened in Mexico City.
By the turn of the century, Discount Store News had named Wal-Mart “Retailer of the Century” and made Fortune magazines lists of the “Most Admired Companies in America” and the “100 Best Companies to Work For.” They were also ranked on Financial Times “Most Respected in the World” list. In 2002, Wal-Mart became number one on the Fortune 500 list and was presented with the Ron Brown Award for Corporate Leadership, a presidential award that recognizes companies for outstanding achievement in employee and community relations.