Wal-Mart: A History of Sam Walton's Retail Phenomenon (Twayne's Evolution of Modern Business Series)

"The story of Wal-Mart Stores is the stuff of legends: in 1945 a poor boy from a poor state opens a variety store in a small town in rural Arkansas and, through hard work, ingenuity, and a commitment to providing customers with low-priced, high-quality merchandise, goes on to create the largest retail operation in the United States. In just 30 years Sam Walton and his Wal-Mart Stores transformed mass merchandising and revolutionized the shopping habits and expectations of American consumers. Moreover, Walton himself - a modest, simple man devoted to family, community, and his employees and customers - so inspired the American people that he was awarded the Medal of Freedom. Upon his death in 1992 Walton left his family a fortune estimated at $23.5 billion; that same year Wal-Mart Stores attained net sales of $43.9 billion and had 1,720 Wal-Mart units operating in 39 states." "This fascinating history of a man and his enterprise is adroitly chronicled by Sandra S. Vance and Roy V. Scott in Wal-Mart, the first scholarly study of Wal-Mart Stores and Sam Walton's remarkable career. Organizing their material chronologically, the authors trace Walton's evolving entrepreneurial style and mounting achievements, consistently linking the character of the man to the innovations he produced - starting with a tiny Ben Franklin variety store in 1945 and progressing to Walton's 5 & 10, Walton's Family Centers, and finally Wal-Mart Stores in the ensuing decades. Readers gain a wealth of insights into the history of American retailing and reach a solid understanding of the elements contributing to Wal-Mart's success: the steadfast dedication to customer service, the sophisticated mechanisms for keeping overhead low, the company policies designed to engender loyalty from employees and customers alike. Given particular emphasis are the factors that led to Wal-Mart's 1990-91 victory over its chief rivals, K mart and Sears, in becoming the nation's leading retailer; also highlighted is the issue of Wal-Mart's impact on the communities it serves and the small businesses therein." "Wal-Mart will hold the interest of students and scholars, of retailing executives and general readers, from first page to last."--BOOK JACKET. Title Summary field provided by Blackwell North America, Inc. All Rights Reserved TWAYNE'S EVOLUTION OF MODERN BUSINESS SERIES......Page 6 Library of Congress Cataloging-in-Publication Data......Page 8 CONTENTS......Page 11 List of Tables......Page 13 List of Illustrations......Page 15 PREFACE......Page 17 1 Beginnings and Ben Franklin......Page 21 2 The Evolution of Retailing and the Appearance of Discount Merchandising......Page 36 3 The Birth of Wal-Mart......Page 59 TABLE 3-1. Early Wal-Mart Stores......Page 67 TABLE 3-2. Distribution of Sales by Category, as of 31 January 1970......Page 70 TABLE 3-3. The Changing Character of Walton's Company, Fiscal 1966-1970......Page 73 TABLE 3-4. Financial Results, Fiscal 1966-1970......Page 74 4 A Billion-Dollar Baby : Wal-Mart during the 1970s......Page 77 TABLE 4-1. Growth of Wal-Mart Stores, Inc., Fiscal 1971-1980......Page 84 Figure 4-1 . Layout of an Early Wal-Mart Store. Source : Discount Merchandiser 13 (January 1973 ): 46.......Page 85 TABLE 4-2. Distribution of Sales by Category, 1972......Page 86 Figure 4-2. Wal-Mart 's Organizational Chart. Source : Discount Merchandiser 13 (January 1973): 41.......Page 87 5 Wal-Mart Becomes a National Discount Chain......Page 101 TABLE 5-1 Growth of Wal-Mart Stores, Inc., Fiscal 1981-1990......Page 107 TABLE 5-2. Shares of Preferred and Common Stock Outstanding, and Dividends......Page 111 Figure 5-1. Layout of a Modern Wal-Mart Store......Page 116 Sam Walton in 1972. Courtesy of Discount Merchandiser......Page 133 The interior of a Wal-Mart store in Broken Arrow, Oklahoma, in the early 1970s. Note the extent to which the decor reflects Sam Walton's variety-store origins.Courtesy of D iscount Merchandiser......Page 134 Wal-Mart Stores' senior management committee in fiscal 1973 was made up of......Page 135 The grand opening of a Wal-Mart store in Savannah, Georgia, in 1984. The exterior is typical of Wal-Mart stores during the 1980s and into the 1990s. Following Sam Walton's death in April 1992, the hyphen in Wal-Mart's name was changed to a star in his memory.......Page 136 A Sam's Wholesale Club in the late 1980s. Note the plain, warehouse-like appearance. Courtesy of Discount Merchandiser......Page 137 Sam Walton add ressing Wal-Mart associates two days before the grand opening of the first Hypermart USA in Carland, Texas, in December 1987. Courtesy of D iscountMerchand iser......Page 138 An American flag, symbolic of the firm's emphasis on patriotic values and focus on American-made products, and a banner touting Wal-Mart's low-price policy ("TrueOne Stop Shopping at the Lowest Prices EVE RY DAY ! ") d isplayed i nside a Wal-MartS u pe rce nte r. Courtesy of Discount Merchand iser......Page 139 Merchandise displayed in a Wal-Mart store. Note the banner in the background promoting the company's low-price policy ("Always the Low Price, Always " ) . The signeflects the firm's shift away from advertising the " lowest" prices (as depicted on theSu percenter banner pictu red on the preced i ng page) to "low " prices. Wal-Mart madeth is modification as it moved i nto u rban areas and enco u ntered com petition fromother discount chains. The new slogan em bod ied the co m pany 's bel i ef that althoughindividual items on a given day m ight be bought cheaper elsewhere, a Wal-Mart customercou ld be assu red of consistently fi nding low prices overa l l at Wal-Mart.Courtesy of Mass Market Retailers......Page 140 David D. Glass, who joined Wal-Mart Stores in 1976, became the firm's chief executive officer in 1988. Courtesy of Mass Market Retailers......Page 141 Sam and Helen Walton in 1987 . Courtesy of Discount Merchandiser......Page 142 6 Wal-Mart's Diversification during the 1980s......Page 143 7 The Impact of WalMart on Small-Town America......Page 166 8 Wal-Mart Becomes America' s Leading Retail Firm......Page 186 TABLE 8-1. Growth of Wal-Mart Stores, Inc., Fiscal 1991-1992......Page 195 Emblazoned over the exits of Wal-Mart stores is the slogan "Thank You for Choosing Wal-Mart." The phrase reflects Sam Walton's admonition to his personnel that the needs of customers must be satisfied because they "do not have to shop at Wal-Mart. " Courtesy of Mass Market Retailers......Page 198 CHRONOLOGY......Page 199 NOTES AND REFERENCES......Page 203 BIBLIOGRAPHY......Page 231 INDEX......Page 245 THE AUTHORS......Page 251 The Story Of Wal-mart Stores Is The Stuff Of Legends: In 1945 A Poor Boy From A Poor State Opens A Variety Store In A Small Town In Rural Arkansas And, Through Hard Work, Ingenuity, And A Commitment To Providing Customers With Low-priced, High-quality Merchandise, Goes On To Create The Largest Retail Operation In The United States. In Just 30 Years Sam Walton And His Wal-mart Stores Transformed Mass Merchandising And Revolutionized The Shopping Habits And Expectations Of American Consumers. Moreover, Walton Himself - A Modest, Simple Man Devoted To Family, Community, And His Employees And Customers - So Inspired The American People That He Was Awarded The Medal Of Freedom. Upon His Death In 1992 Walton Left His Family A Fortune Estimated At $23.5 Billion; That Same Year Wal-mart Stores Attained Net Sales Of $43.9 Billion And Had 1,720 Wal-mart Units Operating In 39 States. This Fascinating History Of A Man And His Enterprise Is Adroitly Chronicled By Sandra S. Vance And Roy V. Scott In Wal-mart, The First Scholarly Study Of Wal-mart Stores And Sam Walton's Remarkable Career. Organizing Their Material Chronologically, The Authors Trace Walton's Evolving Entrepreneurial Style And Mounting Achievements, Consistently Linking The Character Of The Man To The Innovations He Produced - Starting With A Tiny Ben Franklin Variety Store In 1945 And Progressing To Walton's 5 & 10, Walton's Family Centers, And Finally Wal-mart Stores In The Ensuing Decades. Readers Gain A Wealth Of Insights Into The History Of American Retailing And Reach A Solid Understanding Of The Elements Contributing To Wal-mart's Success: The Steadfast Dedication To Customer Service, The Sophisticated Mechanisms For Keeping Overhead Low, The Company Policies Designed To Engender Loyalty From Employees And Customers Alike. Given Particular Emphasis Are The Factors That Led To Wal-mart's 1990-91 Victory Over Its Chief Rivals, K Mart And Sears, In Becoming The Nation's Leading Retailer; Also Highlighted Is The Issue Of Wal-mart's Impact On The Communities It Serves And The Small Businesses Therein. Wal-mart Will Hold The Interest Of Students And Scholars, Of Retailing Executives And General Readers, From First Page To Last.--jacket. Beginnings And Ben Franklin -- The Evolution Of Retailing And The Appearance Of Discount Merchandising -- The Birth Of Wal-mart -- A Billion-dollar Baby: Wal-mart During The 1970's -- Wal-mart Becomes A National Discount Chain -- Wal-mart's Diversification During The 1980's -- The Impact Of Wal-mart On Small-town America -- Wal-mart Becomes America's Leading Retail Firm. Sandra S. Vance, Roy V. Scott. Includes Bibliographical References (p. 201-214) And Index. Traces the history of the Wal-Mart discount store chain, and analyzes the reasons for its success