Samuel Moore Walton (Sam Walton) was an American businessman and entrepreneur best known for founding the retailers Walmart and Sam’s Club. Wal-Mart Stores Inc. grew to be the world’s largest corporation by revenue as well as the biggest private employer in the world. He was the Richest man in the world for a period of time.
Sam Walton Family
Sam Walton was born in Oklahoma. He lived there with his parents on their farm until 1923. However, farming did not provide enough money to raise a family, and Thomas Walton went into farm mortgaging.
He worked for his brother’s Walton Mortgage Company, which was an agent for Metropolitan Life Insurance, where he foreclosed on farms during the Great Depression. He and his family (now with another son, James, born in 1921) moved from Oklahoma. They moved from one small town to another for several years, mostly in Missouri.
In 1945, after leaving the military, Walton took over management of his first variety store at the age of 26. With the help of a $20,000 loan from his father-in-law, plus $5,000 he had saved from his time in the Army, Walton purchased a Ben Franklin variety store in Newport, Arkansas. The store was a franchise of the Butler Brothers chain.
Sam Walton founded the first store “Walmart”. The first true Walmart opened on July 2, 1962, in Rogers, Arkansas. Called the Wal-Mart Discount City store, it was located at 719 West Walnut Street. He launched a determined effort to market American-made products. Included in the effort was a willingness to find American manufacturers who could supply merchandise for the entire Walmart chain at a price low enough to meet the foreign competition.
You May Also Like To Read: 10 Inspiring Sam Walton Quotes for Entrepreneurs
Sam Walton built his leadership style through some key traits like:
1. Self Awareness
2. Relationship building
3. Motivating others
4. Leading change
5. Enterprise basics
Sam Walton, who parlayed a single dime store in a hardscrabble cotton town into Wal-Mart, the largest retailer in the world. The undisputed merchant king of the late twentieth century, Sam never lost the common touch.
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Walmart family fortune has been divided amongst 3 generations.
- Sam Walton
- Helen Walton
- James “Bud” Walton
- S. Robson Walton
- John T. Walton
- Christy Walton
- Jim Walton
- Alice Walton
- Ann Walton Kroenke
- Nancy Walton Laurie
- Lukas Walton
- Whitney Ann Kroenke
- Josh Kroenke
- Carrie Walton Penner
- Elizabeth Paige Laurie
Sam Walton Success Story
Sam Walton was born on a farm in Oklahoma. His family struggled to make a living during the depression. He along with his brother Bud served in the United States Army.
Post the war he came back & took franchises of “Ben Franklin” stores. He incorporated many new strategies to make these stores profitable.
Along with his brother Bud & taking help from his father-in-law he opened his first Walmart & never looked back. Sam Walton was named as the Richest person in the world in his lifetime. Being a first-generation entrepreneur he has built generational wealth which 3 generations of Waltons have been taking care of.
Walmart is still the highest employer in the retail sector of the United States of America. He has provided employment in his stores & has also made people richer by investing in “Walmart” stocks.