Sam Walton. Founder of the Walmart Empire PDF
Preview Sam Walton. Founder of the Walmart Empire
SAM WALTON Founder of the Walmart Empire ESSENTIAL LIVES BY KATHERINE KRIEG SAM WALTON Founder of the Walmart Empire SAM WALTON Founder of the Walmart Empire BY KATHERINE KRIEG CONTENT CONSULTANT ART CARDEN ASSISTANT PROFESSOR OF ECONOMICS BROCK SCHOOL OF BUSINESS, SAMFORD UNIVERSITY, BIRMINGHAM, ALABAMA CREDITS Published by ABDO Publishing Company, PO Box 398166, Minneapolis, MN 55439. Copyright © 2014 by Abdo Consulting Group, Inc. International copyrights reserved in all countries. No part of this book may be reproduced in any form without written permission from the publisher. The Essential Library™ is a trademark and logo of ABDO Publishing Company. Printed in the United States of America, North Mankato, Minnesota 052013 092013 Editor: Susan E. Hamen Series Designer: Becky Daum Photo credits: Luke Frazza/AFP/Getty Images, cover, 2; Bettmann/Corbis/AP Images, 6, 95; Getty Images, 11; Seth Poppel/Yearbook Library, 14, 20; Carol Highsmith/ Library of Congress, 25; Denver Post/Getty Images, 26; Mike Wintroath/AP Images, 31; Gilles Mingasson/Getty Images, 32, 34, 44, 65, 86; Zac Lehr/AP Images, 38; Kathy deWitt/Alamy Images, 42; April L. Brown/AP Images, 52; Danny Johnston/AP Images, 55, 76; John Mcgrail/Time Life Pictures/Getty Images, 56; Rob Nelson/Time Life Pictures/Getty Images, 66; Rick Scuteri/AP Images, 71; Michael L. Abramson/Time Life Pictures/Getty Images, 73; J Pat Carter/AP Images, 80; Jeff Greenberg/Alamy, 83; Dennis MacDonald/Getty Images, 84; Shutterstock Images, 89 Library of Congress Control Number: 2013932967 Cataloging-in-Publication Data Krieg, Katherine. Sam Walton : founder of the Walmart empire / Katherine Krieg. p. cm. -- (Essential lives) ISBN 978-1-61783-898-9 Includes bibliographical references and index. 1. Walton, Sam, 1918-1992--Juvenile literature. 2. Wal-Mart (Firm)--History--Juvenile literature. 3. Business people--United States--Biography--Juvenile literature. 4. Millionaires--United States--Biography--Juvenile literature. 5. Discount houses (Retail trade)--United States--History--Juvenile literature. I. Title. 381/.149/092--dc23 [B] 2013932967 CONTENTS CHAPTER 1 A NEW OPPORTUNITY 6 CHAPTER 2 SOUTHERN UPBRINGING 14 CHAPTER 3 J. C. PENNEY AND WORLD WAR II 26 CHAPTER 4 A SECOND TRY 34 CHAPTER 5 WALMART EXPANDS 44 CHAPTER 6 GROWTH STRATEGY 56 CHAPTER 7 NEW ENTERPRISES, NEW CHALLENGES 66 CHAPTER 8 LATER YEARS 76 CHAPTER 9 LEAVING A LEGACY 84 Timeline 96 Essential Facts 100 Glossary 102 Additional Resources 104 Source Notes 106 Index 110 About the Author 112 About the Consultant 112 CHAPTER ONE A NEW OPPORTUNITY I n 1945, Sam Walton was just a young man with a dream. That year, Walton purchased a Ben Franklin franchise in the small town of Newport, Arkansas. Walton was only 27 years old, but he had high hopes for the store and his career. He also had the determination to succeed. At this point in his life, Walton knew he had a future in retail. However, he had a few lessons to learn, and they would not come easily. Ben Franklin Store Walton paid $25,000 for his Ben Franklin franchise. Only $5,000 was money he had saved. The other $20,000 he borrowed from his father-in-law, who was very supportive of the endeavor. Walton also had to pay 5 percent of the store’s sales to his landlord for renting the store’s building.1 Walton later found out this Sam Walton, future multibillionaire and cofounder of Walmart, endured early struggles with competitors before finding success. 7 was a much higher rent than A SMALL- most store owners in his area TOWN START were paying. Before moving to Newport, But in many ways, Walton’s Walton had a chance to first retail management attempt buy a Federated Department Store, another chain owned was extremely successful. by Butler Brothers, in Saint Louis, Missouri. Walton was Ben Franklin was a franchise excited about the idea, but operated by Butler Brothers, a his wife, Helen, changed his mind. Helen did not want to regional retailer. Ben Franklin live in a big city. She and stores were variety stores Walton had already moved 16 times in just the two years located across the country that they had been married. Helen was willing to put up sold a mix of household goods with moving as long as her at discounted prices. As a husband did not ask her to live in a large city. Newport franchise, the store was owned only had approximately 7,000 people. It was the by Walton with the support of perfect place for the couple Butler Brothers. In other words, to start out. Walton was allowed to use the brand name “Ben Franklin” and processes for running the store that were established by Butler Brothers. Butler Brothers gave Walton the information he needed to run the store, including products he could buy from Butler Brothers’ suppliers and the prices he should offer customers. 8 (cid:135) ESSENTIAL LIVES
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