One of the most recognized and successful large retail chains globally, Walmart's 62-year legacy is characterized by rapid expansion driven by cost-effective and inventive business strategies.
Following the opening of its initial store in 1962 by Sam Walton, Rogers, Arkansas , Walmart seemingly became an overnight sensation in the world of discount retail.
Year after year, the chain started generating revenues in the millions – and quickly escalated to billions – annually, positioning itself as one of the biggest brands globally as it entered the 21st century, with significant presence in the U.S. and internationally.
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Let's take a closer look at how everything unfolded.
Born in Kingfisher, Oklahoma, in 1918, Walton primarily grew up and came of age in Columbia, Missouri. As an ROTC member, he studied at the University of Missouri, earning his Bachelor’s degree in economics in 1940.
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Three days following his graduation, Walton started his career at JCPenney as a management trainee. He remained in this role until 1942, when he joined the Army.
Upon exiting the military, Walton bought a Ben Franklin franchise store in Arkansas, running it with a business approach similar to what would eventually characterize Walmart during his professional journey.
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Walton acted as Walmart's CEO from its founding in 1962 till 1988, and stayed as the company’s chairman until his passing in 1992. Suffering from multiple myeloma, Walton was undergoing treatment but continued to monitor sales figures from his hospital bed mere days prior to his death.
When running his Ben Franklin store, Walton implemented a strategy centered around purchasing inexpensive items and then selling these products at cheaper rates compared to rival shops. The idea was that even though the profit per item might be smaller, increased customer traffic and greater overall sales volumes could offset this effect. In essence, he aimed to thrive through high turnover rather than high margins.
Walton soon had validation, as revenues surged over two-fold from $105,000 to $250,000 during his initial five-year period as owner.
His success continued with various other enterprises. When he was unable to extend his lease for the Ben Franklin franchise, Walton launched Walton's 5-10, a discount shop in Bentonville, Arkansas, which currently functions as the Walmart Museum. Soon after, he inaugurated the Wal-Mart Discount City outlet in neighboring Rogers — this location is acknowledged as the inaugural store operating under the official Walmart label.
By the close of 1962, Walton had two stores running under the Walmart banner—the original one in Rogers and another in Harrison.
Expansion persisted through the 1960s, and by 1967, over twenty Walmart outlets scattered around Arkansas collectively generated $12.7 million in revenue.
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In 1968, the first two Walmart stores outside of Arkansas were situated in Claremore, Oklahoma , and Sikeston, Missouri—opened their doors. In 1969, the enterprise formally incorporated under the name Wal-Mart Stores, Inc., and went public one year thereafter. By 1972, the corporation had been listed on the New York Stock Exchange.
In 1980, Walmart had grown to employ 21,000 individuals operating within 276 locations spread across 10 states, achieving an impressive annual revenue of $1 billion. By 1983, the company launched its first Sam's Club—a warehouse-style store similar to Costco—operating under a membership model; this inaugural location debuted in Oklahoma.
Throughout the 1980s, the company grew significantly by acquiring major regional department store chains such as Kuhn's Big K in the Southern markets. By the end of the decade, they had operations spanning 27 states and reported annual sales totaling $26 billion.
Currently, Walmart operates more than 10,500 stores across 19 nations, with a global workforce exceeding 2.1 million individuals; approximately 1.6 million employees work in the United States.
Throughout the 1990s, the firm experienced unparalleled expansion, welcoming the year 2000 with more than a million workers spread across almost 4,000 sites worldwide. Following Walton’s demise, his firstborn child and inheritor of the family wealth, Rob, assumed chairmanship of Walmart's board, a role he maintained up till 2015.
In recent years, Walmart has initiated various community engagement programs – such as organizing large-scale vaccination drives during the coronavirus pandemic And an extensive program that funds its associates' college costs.
Original article source: The story of Walmart: How an individual created a massive retail business
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