Essay on The Pros and Cons of Wal-Mart - 1656 Words

It’s a place everyone knows, much like the post office or even city hall. Wal-Mart. That is where the oddity lies, in the fact that a retail store is just as well known as staples for towns across the nation; not to mention the fact that Wal-Mart isn’t just in the United States, but around the world. Founder of the billion dollar industry, Sam Walton, did expect success from his endeavor, but no one could have foreseen just how influential the retail store would be. Wal-Mart is an astonishingly successful business with humble beginnings, but may have a rocky road ahead in terms of social issues due to the treatment of employees and its strong effects on the economy. Born on March 29, 1918 in Kingfisher, Oklahoma, Sam Walton was said to†¦show more content†¦One of Walton’s most important, influential and successful ideas he used at the Benjamin Franklin store were his deals. He credits the success of Wal-Mart to the fact that the profit for a product would be greater if the product was sold as a package deal, â€Å"...say I bought an item for 80 cents. I found that by pricing it at $1.00 I could sell three times more of it by pricing it at $1.20.† â€Å"Walton’s Five and Dime,† was established in 1950 in Bentonville, Arkansas, after Walton’s five-year lease on the Benjamin Franklin was up; it was one of the only three self-service stores in the country. Walton opened another five and dime in Fayetteville just two years later and finally, the first official Wal-Mart in 1962 in Rogers, Arkansas. Within its first five years, the company expanded to twenty- four stores across Arkansas and reached $12.6 mill ion in sales. The success of Wal-Mart came from Sam Walton’s ten rules for building a business that he shared with all of his employees, the first being: commit to your business, and believe in it more than anybody else. The second rule was to share your profits with your associates and treat them as partners in order to have a mutual respect and furthermore an exceptional business performance, which leads to the third and fourth rules, motivate your partners and communicate everything you possibly can to them; the more you know, the more they’llShow MoreRelatedWal-Mart Pro and Cons1379 Words   |  6 PagesWal-Mart Stores, Inc. (or Walmart as written in its new logo) is an American public corporation that runs a chain of large, discount department stores. It is the worlds largest public corporation by revenue, according to the 2008 Fortune Global 500.[5] Founded by Sam Walton in 1962, it was incorporated on October 31, 1969, and listed on the New York Stock Exchange in 1972. 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