| Wednesday, March 29, 2006 |
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Wal-Mart Founder Samuel Walton
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SpotlightSamuel Moore Walton, founder of the
Wal-Mart discount store chain, was born on this date in 1918. When the first Wal-Mart opened in Fayetteville, Arkansas, in 1962, Sam Walton and his brother, Bud, already owned 16 variety stores in
Arkansas,
Kansas and
Missouri. Now Wal-Mart employs well over 1.5 million people and is the world's largest chain of stores. Walton was listed as the richest man in America by
Forbes magazine from 1985-1988. He split up his holdings to include his wife and children and this year five Waltons rank #17-21 on Forbes' list of the
world's wealthiest people.
Quote"There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else." – Sam Walton
Word of the dayretailing: selling products directly to the end-user; Sam Walton was a master
retailer.
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