The content chronicles the remarkable journey of Sam Walton, from humble beginnings and early career setbacks to founding Walmart, a retail empire built on a philosophy of customer value, low prices, and innovative business practices.
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we knew so little about the variety
store business we had to take the book
that was written by ben franklin
and and apply the principles but of course
course
we added on didn't we and we were
started doing strange things like
cranking up ice cream machines on the
sidewalk on saturday night
popcorn on the other end of the sidewalk
hawking anything we could hawk on that
looked like it might have a chance to
sell wherever [Music]
[Music]
572 billion dollars that's how much
revenue walmart generated in 2021
with over 2 million people working for
the company it is the largest employer
in the world and the biggest retailer in
terms of sales but building such an
empire was no easy feat it all started
when a poor farmer who after being told
he had no career in the retail business
sam walton was born on the 28th of march
1918 in kingfisher oklahoma his father
thomas walton was a farmer but the farm
wasn't generating enough money to
provide for his family
because of this the family traveled
around the country looking for greener
pastures moving from one state to
another until they finally settled in
columbia missouri around this time sam
had become a teenager he helped the
family by working a variety of small
jobs and watched how his father survived
by turning a small profit on each
business deal he made he also watched
his mother start up a fairly successful
milk business that involved him milking
cows and delivering the milk to
customers in the neighborhood after his
football practice his parents taught him
the value of hard work and also just how
much work it took to make a single
dollar but things weren't great at home
for sam
his father thomas was almost never with
the family as he was always on the road
trying to make extra money where he
could because of this thomas's
relationship with his wife worsened
every year
in fact in his autobiography sam
described his parents as the two most
quarrelsome people to ever live together
to escape the troubles at home sam
engaged himself in sports joined the boy
scouts and took several leadership roles
that kept him busy
sam graduated from david h hickman high
school in 1935 and decided to attend the
university of missouri to take his first
steps into the business world while in
school he worked many odd jobs to
support himself including delivering
newspapers and waiting tables in
exchange for meals upon his graduation
in the spring of 1940 sam would get his
first taste of the retail industry he
got himself a job as a sales trainee at
jcpenney which back then was just a
small shop in des moines iowa his
starting pay was 75 dollars a week but
this job did not go smoothly for sam and
he was seen as one of jcpenney's worst employees
employees
one thing counting against him was that
his bookkeeping was terrible because he
hated making his customers wait while he
fussed with paperwork as a matter of
fact sam's boss threatened to fire him
at one point and even told him that he
had no career in the retail business
the only thing that saved walton was his
gift for salesmanship which earned him
an extra 25 a month in sales commissions
when the second world war reached
america in 1941 walton was eager to play
a role in it he quit his job the
following year and joined the u.s army
the army recognized sam's natural
leadership skills and selected him to
become a member of the military's
intelligence corps where he rose to the
position of captain the military
stationed sam in oklahoma in april of
1942 where he met his future wife helen
and after a short period of dating they
got married on valentine's day in 1943 [Applause]
by the time the war was over in 1945
walton had a wife and child to support
and so he decided to start up his own
retail business with a twenty thousand
dollar loan from his father-in-law and
five thousand dollars from his own
savings sam bought a ben franklin store
in newport arkansas it's important to
note that millions of small stores had
failed during the course of the 20th
century in america and when sam bought
this particular store it was losing a
lot of money
not only did sam invest in a store that
wasn't bringing in much money but he was
also paying far too much for it the rent
for the store was five percent of the
sales and initially this sounded fine to
walton but after signing the lease he
discovered that it was the highest rate
anybody had ever paid for a variety
store business despite all of his
obstacles sam succeeded beyond
everyone's expectations
he studied all the typical rules of
retail and then broke the ones he
thought didn't make sense which for him
was nearly all of them when sam bought
the ben franklin store he was required
to buy all his goods from company
outlets but he knew he could find
cheaper merchandise elsewhere so he
found a clause in his contract that
allowed him to buy his merchandise from
somewhere else and then he would reduce
the cost of his goods way below what
other shops were selling them for
he made his profit on volume rather than
margin but it took him nearly a decade
to fully appreciate the power of that idea
idea
nothing sam did was extraordinary
neither was he a genius and while
there's no question that he was business
smart the real reason for his success
was his main policy to make the lives of
his customers easier and because he did
that more and more people bought from him
him
once things were going great for sam and
his business he asked his brother bud to
join him and together they were able to
run the store more smoothly
the butler brothers who owned the store
sam had leased were not happy with the
fact that the waltons were getting their
merchandise elsewhere but they couldn't
say much about it because the numbers
sam was generating were unmatched
anywhere his sales had increased by more
than 45 percent reaching 105 000 in his
first full year of ownership the
following year the number increased
again to 140 000
and by the third year his sales
increased by another 25 percent reaching
175 000
after only three years in the business
sam was able to repay the 20 000 loan
his father-in-law gave him in full and
two years later sam had become the
leading variety store owner in arkansas
and likely in the neighboring states as well
well
but the truth is it wouldn't matter
anyway because the business was destined
to fail [Music]
you see when sam walton signed the lease
for his store back in 1945 it contained
no renewal clause
options to renew were typically standard
features of leases
so when walton's father-in-law found out
about this oversight he was shocked that
sam could have made such a mistake
walton had not only built one of the
most successful businesses in newport
but he had invested his body and soul
into the business and the town and his
wife helen equally loved the town as
three of their four children were born
there in his autobiography sam walton is
quoted saying it was the lowest point of
my life i felt sick to my stomach i had
built the best variety store in the
whole region and worked hard in the
community done everything right and now
i was being kicked out of town
after being kicked out of his own store
sam walton was eager to start again but
this time he was determined to do it the
right way and better than ever he began
to search for a new destination to buy
another store until he found one in the
tiny community of bentonville arkansas
it was here where walton set up his
second shop in the town square and this
time he insisted on a 99-year lease
sam opened his new store in the summer
of 1950 and called it walton's five and
dime the walton family often heard
people whisper amongst themselves saying
well we'll give this guy 60 days maybe
90. he won't last that long but sam
would prove them wrong
at the time there were two other variety
stores in town but neither of them
offered the consistent low prices that
walton did so when walton finally opened
his store it changed the lives of the
people in the bentonville community
during the 50s america's economy was
looking great and sam took advantage of
it he kept finding new ways to reduce
the prices of his goods and keep his
customers happy
one day walton learned about
self-service in the retail industry
the concept was simple rather than have
his sales clerks get goods for his
customers customers could walk into the
store get the goods themselves and pay
at the entrance walton immediately fell
in love with the idea this meant he
could have fewer employees and further
reduce the cost of his goods not only
did this new trick work perfectly but it
also tripled his income in less than a
year with more money sam had the funds
and resources to further expand his business
business
for the next few years sam went on to
open one store after another and by the
end of the 1950s walton was a proud
owner of 15 stores which he had acquired
using borrowed money and profits from
his stores but sam still felt that he
wasn't making as much profit as he
should for the kinds of work he was
putting into his business so he decided
to adopt a new strategy and this new
we exist to provide value to our
customers which means that in addition
to quality and service we have to save
them money
walton's idea was to build big stores
that discounted everything they stocked
and to place them in small towns by
dramatically slashing his prices he
would undercut his competitors and make
up the difference in price through a
higher volume of sales this idea was
already being practiced across the
country but the difference was that the
discount stores tended to be small and
were located in the cities and most of
them only offered discounts for a
specific items not their entire stock it
was risky and he needed a lot of money
to make it work
sam initially approached the company
that franchised ben franklin stores with
his idea but they refused to back him
especially because his idea meant that
they would have to cut their standard
wholesale margin in half to accommodate
the low prices he wanted to charge
with nowhere else to go walton decided
to take a big gamble
he mortgaged his home borrowed a whole
lot of money and opened his first
walmart store in rogers arkansas in 1962.
1962.
customers were thrilled that they didn't
have to travel all the way to the city
to get discount prices on goods they
flocked to walmart's stores in droves
and the company's sales rose
tremendously in those years sam kept
learning from his competitors and
developed new ways to further reduce the
prices of his goods he replaced the
wooden shelves in his stores with metal
ones as they were cheaper and more
durable another strategy he came up with
was to keep his stores open for longer
hours than his competitors this was
something only walmart was doing and it
helped him generate more money he also
made sure his customers had big parking
lots and unlike his competitors he never
collected a dime for parking spaces
until 1969 sam walton had funded the
expansion of his business through
profits and borrowing money but in 1970
he decided to take the company public
the initial offering generated about 5
million dollars and allowed walton and
his family to retain about 61 ownership
of the stock the money afforded walton
the opportunity to pay off the debts he
owed to banks to pay back loans from
friends and to move forward with his
next ambitious plans for the country [Applause]
[Applause] [Music]
between 1970 and 1971 walmart added six
more stores followed by another 13
stores in each of the next two years
then 14 and then 26 by the end of 1980
walmart had a total of
276 stores and from then on they were
opening about a hundred stores per year
sam believed that the rapid growth of
walmart didn't just come down to their
low costs that attracted customers but
was also due to the work of his close
associates sam made his associates
partners and made sure that they
benefited from cash bonuses and stock
options and this gave them a chance to
take part in the growth of his business
walton also made sure that his stores
were close to warehouses in order to
permit one day delivery of goods while
also minimizing advertisement costs
another innovation was the decision to
buy directly from manufacturers rather
than through wholesalers which allowed
him to lower his prices even more by the
end of the 1970s walton had built his
store into the fastest growing and most
influential force in the retail industry
things were going so great for the
company that one investor who bought 1
650 worth of walmart shares in 1970 saw
his shares rise over 700 000
by 1987.
in 1983 walton made another terrific
business move he launched the first of
his sam's wholesale clubs which were
aimed at small business owners and
others who wish to buy goods in bulk
once again walton had struck gold and by
1990 walmart had more than 1 000 stores
and 150 000 employees working for the
company but sam had his fair share of
people and groups who disliked him and
his retail business he has often been
criticized for competing with small
retailers and putting them out of business
business
sam walton himself acknowledged this by saying
saying
the small stores were just destined to
disappear at least in the numbers they
once existed because the whole thing is
driven by the customers who are free to
choose where to shop
sam walton died on the 5th of april
1992. he was 74 years old and at the
time of his death walmart had annual
revenues exceeding 104 billion dollars
today walmart has grown to over 10 500
stores and generates well over half a
trillion dollars in revenue per year
that's all for today hope you enjoyed
the video and don't forget to like and
subscribe until then i'll see you next time
time [Music]
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