Wal-Mart Stores, Inc. branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2010 list, and the largest public corporation when ranked by revenue. It is also the biggest pvt. employer in the world with over 2 million employees, and is the largest company in the world. The company was founded by Sam Walton in 1962, incorporated on October 31, 1969, and publicly traded on the New York Stock Exchange in 1972. It is headquartered in Bentonevile Arkansas. Walmart is also the largest grocery retailer in the United States. In 2009, it generated 51% of its US$258 billion sales in the U.S. from grocery business. Walmart has 8,500 stores in 15 countries, under 55 different names.
HISTORY OF WALMART
Sam Walton, a businessman from Arkansas, began his retail career when he started work on June 3, 1940, at a J.C. Penney store in Des Moines where he remained for 18 months. In 1945, he metButler Brothers, a regional retailer that owned a chain of variety stores called Ben Franklin and that offered him one in New Port, Arkansas. Walton was extremely successful in running the store in Newport, far exceeding expectations.]However, when the lease came up for renewal, Walton could neither come to agreement on the existing store's lease renewal nor find a new location in Newport. Instead, he opened a new Ben Franklin franchise in Bentonvile Arkansas, but called it "Walton's Five and Dime." There, he achieved higher sales volume by marking up slightly less than most competitors. On July 2, 1962, Walton opened the first Wal-Mart Discount City store located at 719 Walnut Ave. in Rogers, Arkansas. The building is now occupied by a hardware store and an antique mall. Within five years, the company expanded to 24 stores across Arkansas and reached $12.6 million in sales.
Incorporation and growth
Wal-Mart's former logo (1992-2008 in the US, 2001-2009 in Canada, and 1992-2009 in Mexico), though it is still seen on many American locations, though a majority of Canadian locations have this logo instead of the 1994-2001 logo with a hyphen. The company was incorporated as Wal-Mart Stores, Inc. on October 31, 1969. In 1970, it opened its home office and first distribution center inBentonvile Arkansas. It had 38 stores operating with 1,500 employees and sales of $44.2 million. It began trading stock as publically held company on October 1, 1970, and was soon listed on the NYSE. The first stock split occurred in May 1971 at a market price of $47. By this time, Wal-Mart was operating in five states: Arkansas, Kansas, Louisiana, Missouri, and Oklahoma; it entered Tennessee in 1973 and Kentucky and Mississippi in 1974. As it moved into Texas in 1975, there were 125 stores with 7,500 employees and total sales of $340.3 million. Wal-Mart opened its first Texas store in Mount Pleasant on November 11, 1975 In the 1980s, Walmart continued to grow rapidly, and by its 25th anniversary in 1987 there were 1,198 stores with sales of $15.9 billion and 200,000 associates. This year also marked the completion of the company's satellite network, a $24 million investment linking all operating units of the company with its Bentonville office via two-way voice and data transmission and one-way video communication. At the time, it was the largest private satellite network, allowing the corporate office to track inventory and sales and to instantly communicate to stores. In 1988, Sam Walton stepped down as CEO and was replaced by David Glass. Walton remained as Chairman of the Board and the company also rearranged other people in senior positions.
Inside a Walmart Supercenter
In 1988, the first Walmart Supercenter opened in Washington. The company also opened overseas stores, entering South America in 1995 with stores in Argentina and Brazil;...