Walmart Stores Inc. is synonymous with low prices and name brand quality products. The company basis of success and foundations cannot be credited to the current CEO Lee Scott but famed Sam Walton. Walmart formula for success simply put is their relationship with customers,employees, and technology that assists in forming relationships with their suppliers;places Walmart Stores Inc. as the top discount retailer.
History,Development, and Growth
Sam Walton led Walmart to become the top discount retailer. The mega corporation has eliminated top competitors such as Kmart and Sears to reign supreme over the discount retailing market. Following World War Two, discount retailing evolved due to frugality during the war. Walton opened the first Walmart in Rogers,Arkansas in 1962. The philosophy Walton acquired to start Walmart began with his earlier experience at JC Penny. The philosophy is based on delivering products based on quality and value combined with superb customer service.
Walmart initially set out by expanding in small towns and gained not just a reputation for low prices but a family friendly company. The departments were wide and varied to include:family apparel, toys,lawn and garden,health and beauty,household goods,crafts, fabrics,jewelry and most recently pharmacies,electronics,tire and lube and the latest gas stations.
Sam Walton strategy was to gain dominance by deep discounting,listening and forming relationships with employees and customers and assuring the consumer quality product.
Product is displayed in a distinctive way by stacking and drawing attention to the eye. Expansion is done at an aggressive level. The company did moves strategically by town to town and then on a state by state basis mainly in the Southeast and Southwest in the beginning. This strategy continued until 1991, one year before Sam Walton death; Walmart had acquired 1,573 stores located in 35 states. Walmart had become the largest retailer and largest...