What is Walmart?

Walmart is the largest discount retailer in the world. The company started out as a small chain of stores in rural towns. The store chain was founded by Samuel Walton in 1962 and currently is one of the largest employers in the United States. The store has been criticized for running smaller “mom and pop” stores out of business with its extremely low prices. Some of the stores are considered Super Wal-Marts and they typically provide a grocery store and automotive repair shop for customers. Wal-Mart founder Sam Walton is born in Kingfisher, Okla. just before the Great Depression.  Walton operates the Walton 5 and 10 as a Ben Franklin franchise. Two years later, he opens a second store in nearby Fayetteville, Ark. By 1962, he is the largest Ben Franklin franchise owner in the U.S., with 16 stores in Arkansas, Kansas and Missouri. With 276 stores and 21,000 employees, Wal-Mart reaches $1 billion in sales in 1979. Having only been in existence for 17 years, the company achieves the quickest ever ascent to the $1 billion milestone. However, because of Walton’s aversion to the press and his decision to remain headquartered in Bentonville, Wal-Mart’s growth during the 1970s remains relatively under the radar. Earning $219.8 billion in revenue in 2001, Wal-Mart finally tops the Fortune 500 list as the biggest company in America, measured by annual revenue. According to Fortune, the company is raking in sales at a rate of $1 billion per day. The magazine also notes that Wal-Mart is the first service company to top the list.

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