Samuel Moore Walton was an entrepreneur and founder of the world’s largest retailer, Walmart. Sam Walton’s life and his work have become a symbol for what is known as the American Dream, as he created an empire out of his humble beginnings. We take a closer look at his career, his achievements, and controversy.

Also Read: 2023 Top SaaS Seed Investors : An Emerging Trend

Overview

Born : March 29, 1918
Died : April 5, 1992
Location : Kingfisher, Oklahoma, U.S.
Occupation : Businessman and inventor
Founder : Walmart and Sam's Club

Early Life and Education

Sam Walton was born on March 29, 1918, in Kingfisher, Oklahoma. He was raised on a farm along with his siblings and parents. However, farming wasn’t enough to satisfy their needs. In the 8th grade, he was the youngest and most high-ranking student in the history of the state’s Scouts. He was a student at Hickman High School in Columbia, Missouri, where he was an Eagle Scout. He went on to an undergraduate program at University of Missouri, where the degree he earned was in economics, in the year 1940. He became the permanent class president.

Personal Life

Walton got the husband of Helen Robson Walton, and they had four children( Robson, John, Jim, and Alice). He was famous for his splurging lifestyle, including driving an old pickup truck as well as a flying coach. But he was also criticised for his treatment of Walmart employees, such as the low pay and working conditions. Walmart also came under fire due to its negative impact on small-scale businesses as well as the environment.

Story of Co-founding Walmart

1. Ben Franklin

After graduating, Walton worked for JC Penney as an employee trainee. He was then a member of the Army during World War II. After his service, he worked for a few years in retail before opening his first store, a Ben Franklin franchise in Newport, Arkansas, in 1945 after leaving the army. To open this store he took a loan from his father-in-law about $20000 and $5000 has his own savings from an army job.

Walton was focused on giving customers the best shopping experience. This meant offering a variety of merchandise and offering the lowest costs. The sales grew from $72,000 to $115,000 in the initial year and the following year, $140,000 and $175,000 in the coming year.

Then he opened another store together with his brother Bud (pilot during WWII) in 1954 in Kansas City, Missouri. In 1962, he was the owner of 16 stores across Arkansas, Missouri, and Kansas.

2. Walton’s Approach

Many retailers focus on large cities and urban regions, but Walton saw an opportunity in rural and small-town regions. He believed that these regions were unserved and there was a need for high-quality goods at affordable cost. He also understood the benefits of keeping costs for overhead at a minimum and reducing overhead costs, he could pass the savings onto customers.

Walton’s method was to be successful and he swiftly launched additional Ben Franklin stores in Arkansas and Missouri. In July of 1962, he inaugurated the very first Walmart location located in Rogers, Arkansas, which later became the world’s biggest retailer with over 10,000 stores spread across 20 countries as well as eCommerce websites.

Philanthropy and Social Causes

Walton was famous for his generosity as well as social cause. He and his wife Helen gave millions of dollars to various causes such as education and arts. It is The Walton Family Foundation, which was created following his death, continues to help diverse causes, including education and environmental sustainability.

Founding and Investing in Startups

Although Walmart was the foundation of Walton’s business empire he also started and invested in a variety of other companies throughout his career. They comprised the Walton Family Foundation, which he established after his death. Walton Family Foundation, which was established following his death and The Walton Arts Center, which is a performing arts facility located in Fayetteville, Arkansas, and the Walton Family Charitable Support Foundation which supports various causes.

Achievements and Awards

Time magazine named Sam Walton as one of the top 100 influential persons of the 20th century in 1998.
In 1992, Sam Walton was awarded the Presidential Medal of Freedom by President George H.W. Bush.
Walmart was awarded the title of “Company of the Year” by Forbes magazine in 2003.
In 1992, Sam Walton was inducted into the Junior Achievement U.S. Business Hall of Fame.

FAQ