How much is Sam Walton worth?
| Net Worth: | $10 billion |
|---|---|
| Profession: | Business magnate |
| Date of Birth: | March 29, 1918 |
| Country: | United States of America |
| Height: | 1.96 m |
About Sam Walton
After serving in the war for four years, Walton finally got out in 1945 and, at the age of 26, he became the manager of his first variety store. Walton purchased a Ben Franklin variety store in Newport, Arkansas, with the assistance of a loan of $20,000 from his father-in-law, in addition to the $5,000 he had saved during his time serving in the Army. The shop was an independently owned and operated Butler Brothers business.
Kingfisher, Oklahoma is the location where Samuel Moore Walton was born to his parents, Thomas Gibson Walton and Nancy Lee. Up until 1923, he was there with his parents on the property that they owned. However, farming did not produce enough money for Thomas Walton to be able to adequately raise a family, so he began mortgaging his land. During the time of the Great Depression, he worked as a foreclosure agent for his brother’s company, Walton Mortgage Company, which was an agent for Metropolitan Life Insurance. In this capacity, he was employed.
Walton began his career in retail three days after receiving his bachelor’s degree in Des Moines, Iowa,working as a management trainee for J. C. Penney. The salary for this post was $75 per month. Walton was employed by J.C. Penney for close to one year and eighteen months. He sent in his resignation in the year 1942 in preparation for his induction into the military so that he might serve in World War II.
Walton was an innovator in many areas, and these areas proved to be essential to his success. Walton believed that if he gave prices that were comparable to or better than those found in cities that were four hours distant by driving, people would buy in their own communities rather than go. Walton was careful to ensure that the shelves were always supplied with a diverse selection of products. His first store, which was a Ben Franklin, was located across the street from his second store, which was a small department store called “Eagle” which was located next door to Eagle’s primary rival in Newport.
P. K. Holmes, whose family had a background in retail, became interested in Walton when the sales volume increased in just three years from $80,000 to $225,000. This caught the attention of the landlord, P. K. Holmes. Ruskin Heights, Missouri is a suburb of Kansas City, and in the year 1954, he and his brother Bud started a store together at a retail area there. Sam eventually opened a large number of new variety stores with the assistance of his brother and his father-in-law. He urged his managers to contribute and acquire an equity share in the company, often investing as much as one thousand dollars in their own store or the next outlet that was going to open.
On July 2, 1962, the original Walmart store opened for business in Rogers, Arkansas. The retail establishment was known as Wal-Mart Discount City and it could be found at 719 West Walnut Street. He made a resolute attempt to promote the sale of products created in the United States. A readiness to identify American manufacturers that could produce items for the whole Walmart network at prices low enough to compete with foreign competitors was a part of the effort that was made.
It was important to him that his concept be successful, so he placed a strong emphasis on logistics. In particular, he wanted to place stores within a day’s drive of Walmart’s regional warehouses and have them delivered through Walmart’s in-house trucking service. The ability to sell name brand products at a discount was made possible by volume purchasing and effective shipping. As a result, consistent growth was accomplished, going from 190 outlets in 1977 to 800 stores in 1985.
Walton passed away on Sunday, April 5, 1992, in Little Rock, Arkansas, from multiple myeloma, a kind of blood cancer.. His death came just three months before Walmart’s thirty-year anniversary. The tragic news of his passing was transmitted via satellite to each of Walmart’s 1,960 locations. His company was responsible for the employment of 380,000 people at the time. A total of 1,735 Walmart stores, 212 Sam’s Clubs, and 13 Supercenters contributed to the company’s roughly $50 billion in annual sales.
