Walmart is the world’s largest retailer both domestically and internationally. Since 2014, Walmart has been the world’s largest company by revenue. Though it receives negative reviews in customer satisfaction surveys, people have a love-hate relationship with the giant retailer, Walmart. The reason why Walmart is loved by millions of customers is that they make your life easier and reduce the need to go to multiple stores. According to Forbes, Walmart employs 2.2 million people worldwide and 1% of America. Walmart’s employee count is larger than the population of many other countries. So, Isn’t it important to know about the giant retailer? Read on to know more about Walmart’s history.
Walmart History
Where Did Walmart Start?
Walmart, the world’s largest retailer, was started by Sam Moore Walton. Sam Moore was born on March 29, 1918, in Kingfisher, Oklahoma. After graduating from the University of Missouri with a degree in economics he was employed in J.C Penney company in Des Moines, Lowa. He joined the military at the age of 24 and married Helen Robinson in 1943. Sam’s military service ended in 1945. He had to support his wife and child so he moved to Iowa in search of a job and then to Newport. He invested his own money $5000 and borrowed $20, 000 from his father-in- law and bought a Ben Franklin variety store in Newport, Arkansas. His retail experience gave him the courage to open his variety store. Before owning a store, Sam worked as a manager in one of Ben Franklin’s franchises where he got the idea of starting his own store. He later left Newport for Bentonville and opened Walton’s 5&10. This store was so successful which paved the way for him to open the first Walmart.
When Was Walmart Founded?
The first Walmart store was opened on July 2, 1962, in Rogers, Arkansas. The name Wal-mart was given by Bob Bogle, Sam’s assistant who is also the first manager of Walton’s Five and Dime. Some say that ‘Wal-mart’ is the abbreviation of Walton’s Mart. However, there is no official information about how and why the largest retailer got its name. Walmart started using its first slogan “Always low prices, always” in 1994 and the current Walmart slogan is “Save Money. Live Better.” In just five years, after establishing the first Walmart, the Walton family owned 24 stores. In 1980 Walmart reached $1 billion in annual sales and after a decade and a half, it celebrated $100 billion in sales. Successively Walmart became the world’s number one retailer and later it changed the face of retail.
Where Was the First Walmart Located?
- A. Rogers, Arkansas
- B. California
- C. Florida
- D. Georgia
Who Owns Walmart?
Walmart, the largest retail giant in the world, is owned by the Watson family and shareholders. Walmart is also operated through family-owned shares such as Robson Walton, Walton enterprises LLC, and Walson family holding trust. Apart from family shares, the Vanguard Group, inc owns 137 million shares and a 4.49% stake.