Biographical profile of Sam Walton, founder of Wal-Mart. Walton made his fortune by being unconventional. He built huge discount stores in rural areas instead of big cities, and offered the lowest-priced merchandise to customers. By converting thin margins into great bargains for shoppers, he brought an enormous volume of business to his operations. Ben Franklin's adage, a penny saved is a penny earned, foreshadowed Walton's ethic and business dynamic to a T. At the time of his death, Wal-Mart's annual sales had grown to $43 billion and discount merchandising was the new American paradigm. Even in the recession beginning in December 2007, Wal-Mart was the only major American retailer to show increased sales. This success has not come without criticism. Wal-Mart's buying power makes it difficult or impossible for smaller local stores to compete. Some communities have opposed the opening of Wal-Mart stores in their area. However, Sam Walton's success is unquestionable and without parallel. Award-winning author and syndicated columnist Daniel Alef, who has written more than 300 biographical profiles of America’s greatest tycoons, brings out the story of Walton and his remarkable life of ups, downs and achievements. [1,437-word Titans of Fortune article]
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Published January 15, 2009
by Titans of Fortune Publishing.
Biographies & Memoirs, Business & Economics, History.