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Sam Walton the founder of Wal-Mart was born in King fish Oklahoma on March 291918 He was raised in Missouri where he worked in his fathers store while attending school Working in his fathers store was his first retailing experience and he really enjoyed it After graduating from the university of Missouri he began his own career as a retail merchant when he opened the first of several franchises of the Ben Franklin 5 and dime franchises in Arkansas Walton was an active student of retailing For example all his family vacations included store visits He was eager to learn many ways of how to grow a retailing business So by the time a barber named Herb Gibson began operating discount stores outside towns where Sam ran variety stores Walton saw what was coming On July 2 1962 at the age of 44 Sam Walton opened his first Wal-Mart store in Rogers Arkansas In this same year SS Kresge launched K- Mart FW Woolworth started Wool co and Dayton Hudson began its Target chain Walton knew discounting was going to hit America in a big way that he committed himself to discounting early on enabling him to beat out competitors gain suppliers attraction and gain huge profits Once committed to discounting Walton began a crusade that lasted the rest of his life To drive costs out of the merchandising system whenever they lay in the stores in the manufacturers profit margins and with the middleman all in the service of driving prices down down down Using that formula which cuts his margins to the bone is was imperative that Wal-Mart grew sales at a relentless pace It did of course and Walton hit the road to open stores wherever he saw the opportunity Waltons management style was popular with employees and he founded some of the basic concepts of management These same concepts are still use today in many companies After taking the company public
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