Wednesday, March 29, 2006

 

Spotlight: Samuel 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

Today in History:

• Niagara Falls: ceased falling due to an ice jam upstream (1848)
• Royal Albert Hall: was opened by Queen Victoria (1871)
• Vietnam War: the last US soldiers left South Vietnam (1973)

Today's Birthdays:

• John Tyler: POTUS who had 15 children (1790-1862)
• Eric Idle: Monty Python comedian (63)
• Lucy Lawless: actor, Xena, Warrior Princess (38)

Word of the Day:  retailing: selling products directly to the end-user; Sam Walton was a master retailer.   (© )