Sam Walton

SamWalton-1936

Walton's Five and Dime store, Bentonville, Arkansas

President George H. W. Bush and Sam Walton

Sam Walton (March 29, 1918 – April 5, 1992) was an American businessman and entrepreneur best known for founding the retailers Walmart and Sam's Club. John Samuel Walton was born in Kingfisher, Oklahoma, USA. He played a significant role in the retail industry, revolutionizing the way retail businesses operate and significantly impacting the global economy. Walton's business practices emphasized the importance of providing a wide range of products at low prices, a principle that has guided Walmart to become the world's largest retailer.

Early Life

Sam Walton was born to Thomas Gibson Walton and Nancy Lee. He grew up during the Great Depression, which instilled in him the values of hard work, thriftiness, and the importance of saving money. Walton excelled in academics and sports during his high school years. After graduating, he attended the University of Missouri, where he earned a degree in economics. During his time at university, he participated in the Reserve Officer Training Corps (ROTC) program, which prepared him for his service in the United States Army during World War II.

Career

After serving in the military, Walton ventured into the retail business. His first store was a Ben Franklin franchise in Newport, Arkansas. Walton's focus on low prices and great value proved successful, but disagreements with the landlord led him to lose the lease to the building. Undeterred, Walton opened a new store in Bentonville, Arkansas, called "Walton's 5 & 10." This store was the foundation of Walton's retail philosophy and the stepping stone to the first Walmart store.

In 1962, Walton opened the first Walmart in Rogers, Arkansas. His vision was to offer customers the lowest prices possible by reducing the profit margin and increasing the volume of sales. This strategy, combined with a focus on customer satisfaction and efficiency, allowed Walmart to grow rapidly. By the time of Walton's death in 1992, Walmart had become the largest retailer in the United States.

Philosophy and Impact

Sam Walton's business philosophy was based on simple but revolutionary ideas: offering customers the lowest prices, providing great service, and creating a culture of respect and empowerment among employees. He introduced the concept of sharing profits with employees through stock options and bonuses, which incentivized them to work towards the company's success. Walton's approach to business emphasized the importance of a strong corporate culture and values, which have become integral to Walmart's identity.

Legacy

Sam Walton's legacy is evident in the vast empire Walmart has become, with thousands of stores worldwide and millions of employees. He was posthumously awarded the Presidential Medal of Freedom by President George H. W. Bush in 1992. Walton's autobiography, "Made in America," details his journey and business philosophy, serving as an inspiration for entrepreneurs and business leaders around the world.

Walton's influence extends beyond Walmart, impacting the retail industry and the global economy. His innovations in supply chain management, inventory control, and discount retailing have set standards that are now common practice in the industry.

Personal Life

Sam Walton was married to Helen Robson in 1943, and they had four children: S. Robson (Rob), John, Jim, and Alice. The Walton family remains one of the wealthiest families in the world, with a significant portion of Walmart's shares still under their control.

Death

Sam Walton died on April 5, 1992, of bone cancer. His legacy continues through his family, the company he founded, and the Sam Walton College of Business at the University of Arkansas, named in his honor.