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Samuel Moore Walton

Sam, as he appears in David H. Hickman High School's yearbook
Born March 29, 1918(1918-03-29)
Kingfisher, Oklahoma
Died April 5, 1992 (aged 74)
Occupation Former Chairman, Wal-Mart
Net worth US$58. David Henry Hickman High School (commonly Hickman or HHS) is a Coeducational public secondary school in Columbia, Missouri Events 1461 - Wars of the Roses: Battle of Towton - Edward of York defeats Queen Margaret to become King Year 1918 ( MCMXVIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common Kingfisher is a city in and the County seat of Kingfisher County, Oklahoma, United States. Events 456 - St Patrick returns to Ireland as a missionary bishop Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar) Wal-Mart Stores Inc (or Walmart as written in its new logo is an American public corporation that runs a chain of large discount department stores The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 6 bn (1992 Forbes 400), $128. The Forbes 400 or 400 Richest People (first published in 1982) is a list published by Forbes Magazine of the Wealthiest 400 Americans 0 billion (2008), according to Wealthy historical figures 2008. The list of the most wealthy historical figures of 2008 is based on research done around the world by Forbes magazine in 2007 and other sources of information and has been

Samuel Moore Walton (March 29, 1918 – April 5, 1992), was an American businessman and entrepreneur born in Kingfisher, Oklahoma who founded two American retailers Wal-Mart and Sam's Club. Events 1461 - Wars of the Roses: Battle of Towton - Edward of York defeats Queen Margaret to become King Year 1918 ( MCMXVIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common Events 456 - St Patrick returns to Ireland as a missionary bishop Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar) The United States of America —commonly referred to as the Kingfisher is a city in and the County seat of Kingfisher County, Oklahoma, United States. The United States of America —commonly referred to as the Wal-Mart Stores Inc (or Walmart as written in its new logo is an American public corporation that runs a chain of large discount department stores Sam's Club is an American chain of membership-only retail Warehouse clubs Founded in 1983 it is owned and operated by Wal-Mart Stores Inc He was the patriarch of the Walton family, one of the richest families in the world. The Walton Family is one of the the richest families in the world their wealth inherited from Bud and Sam Walton, founders of the world's largest retailer

Contents

Early life

Walton was born to Thomas Gibson Walton and Nancy Lee Walton near Kingfisher, Oklahoma on March 29, 1918. Kingfisher is a city in and the County seat of Kingfisher County, Oklahoma, United States. Events 1461 - Wars of the Roses: Battle of Towton - Edward of York defeats Queen Margaret to become King Year 1918 ( MCMXVIII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common There, he lived with his parents on their farm until 1923. Sam's father decided farming did not generate enough income on which to raise a family, so he decided to go back to a previous profession of a mortgage man. So he and his family (now with another son, James born in 1921) moved from Oklahoma to Missouri. Oklahoma ( is a state located in the South Central region of the United States of America. Missouri ( or) is a state in the Midwestern region of the United States bordered by Iowa, Illinois, Kentucky, Tennessee There they moved from one small town to another for several years. While attending 8th grade in Shelbina, Sam became the youngest Eagle Scout in the state's history. Shelbina is a city in Shelby County, Missouri, United States. Eagle Scout is the highest rank attainable in the Boy Scouting program of the Boy Scouts of America (BSA [1] In adult life, Walton became a recipient of the Distinguished Eagle Scout Award from the Boy Scouts of America. The Distinguished Eagle Scout Award (DESA is a distinguished service award of the Boy Scouts of America. The Boy Scouts of America ( BSA) is the largest youth organization in the United States with over five million [2]

Walton excelled physically in high school, playing basketball and football as starting quarterback for Columbia's David H. Hickman High School in 1935, when they won the state title. High school is the name used in some parts of the world (in particular Scotland, North America and Australia) to describe an institution Basketball is a team Sport in which two teams of five active players each try to score points against one another by propelling a ball through a 10 feet (3 m High school football is one of most popular interscholastic sports at High schools in the United States and the second most popular in Canada. A starting lineup in Sports refers to the set of players actively participating in the event when the game begins Quarterback ( QB) is a position in American and Canadian football. Columbia (kəˈlʌmbiə is the fifth-largest city in the US state of Missouri and the largest city in Mid-Missouri. David Henry Hickman High School (commonly Hickman or HHS) is a Coeducational public secondary school in Columbia, Missouri While at Hickman, he also served as vice president of the student body in his junior year and as president in his senior year. He performed well enough academically to become an honors student.

Growing up during the Great Depression, Walton had numerous chores to help make financial ends meet for his family. He milked the family cow, bottled the surplus and drove it to customers. Afterwards, he would deliver newspapers on a paper route. Upon graduating, he was voted "Most Versatile Boy. "

After high school, Walton decided to attend college, hoping to find a better way to help support his family. He attended the University of Missouri and majored in economics and was an ROTC officer. The University of Missouri (also known as the University of Missouri–Columbia, Mizzou, or MU) is a public land-grant and research ROTC links here For other uses see ROTC (disambiguation A Reserve Officers' Training Corps ( ROTC) ROTC produces officers in all branches During this time, he worked various odd jobs, including waiting tables in exchange for meals. Also during his time in college, Walton joined the estimable Zeta Phi chapter of Beta Theta Pi fraternity. The Zeta Phi Society was a fraternal organization founded at the University of Missouri (MU or Mizzou in Columbia Missouri in 1870. He was also tapped by QEBH, the well-known secret society on campus honoring the top senior men. QEBH is a senior honorary society that is unique to the University of Missouri. Upon graduating, he was voted "permanent president" of the class. He was also a member of the professional business fraternity Alpha Kappa Psi. ΑΚΨ ( Alpha Kappa Psi) is the oldest and largest professional business fraternity.

Walton joined JCPenney as a management trainee in Des Moines, Iowa three days after graduating from college. J C Penney Company Inc ( most commonly known today by the name JCPenney or simply Penneys) is a mid-range chain of American Department stores This position earned him $75 a month. He resigned in 1942 in anticipation of being inducted into the military for service in World War II. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including In the meantime, he worked at a DuPont munitions plant near Tulsa, Oklahoma. E I du Pont de Nemours and Company (,) is an American chemical company that was founded in July 1802 as a Gunpowder mill by Eleuthère Irénée There he met his future wife, Helen Robson, in April 1942. Helen Robson Kemper Walton ( December 3, 1919 — April 19, 2007) was the wife of Wal-Mart founder Sam Walton. She and Sam were married February 14, 1943. Events 842 - Charles the Bald and Louis the German swear the Oaths of Strasbourg in the French and German Year 1943 ( MCMXLIII) was a Common year starting on Friday (the link will display full 1943 calendar of the Gregorian calendar.

Soon afterwards, Walton joined the military in the U.S. Army Intelligence Corps, supervising security at aircraft plants and prisoner of war camps. A prisoner-of-war camp is a site for the containment of enemy combatants captured by the enemy in time of war and is similar to an Internment camp which is used for civilian In this position he served in the continental United States. The term continental United States refers to the 48 contiguous states located on the North American continent south of the border with Canada plus the District He eventually reached the rank of captain. See " Captain " for other versions of this rank In the uniformed services of the United States, captain is a federal

The first stores

In 1945, after leaving the military, Walton decided he wanted to own a department store but would settle for a variety store. With some help from his father-in-law with a loan of $20,000, plus $5000 he had saved from his time in the Army, Walton purchased a Ben Franklin variety store in Newport, Arkansas. Ben Franklin Stores are a chain of Five and dime discount stores found in small towns throughout the United States. Newport is a city in Jackson County, Arkansas, 84 miles (135 km northeast of Little Rock, on the White River. The store was a franchise of the Butler Brothers chain. Butler Brothers was a chain of Five and dime retail outlets in the United States started by Edward Burgess Butler.

It was here that Walton pioneered many concepts that would prove to be crucial to his success. Walton made sure the shelves were consistently stocked with a wide range of goods at low prices. His store also stayed open later than most other stores, especially during the Christmas season. He also pioneered the practice of discount merchandising by buying wholesale goods from the lowest priced supplier. This allowed him to pass on savings to his customers, which drove up his sales volume. Higher volumes allowed him to negotiate even lower purchase prices with the wholesaler on subsequent purchases. Walton's store led in sales and profits in the Butler Brothers' six-state region. One factor that made this store successful was its central location, making it accessible to a wide range of customers. In an attempt to limit the expansion of his main competitor, the Sterling Store, Walton leased a nearby Kroger store and opened it in 1950 as the "Eagle" department store, but it didn't fare as well. The Kroger Co ( is an American Retail Supermarket chain and Parent company, founded by Bernard Henry Kroger in 1883 in Cincinnati

Due to the variety store's enormous success, the landlord, P. K. Holmes, refused to renew the lease when it expired, desiring to pass the store onto his son. The lack of a renewal option, together with the outrageous rent of 5% of sales, were early business lessons to Walton. Despite forcing Walton out, Holmes bought the store's inventory and fixtures for $50,000, which Walton called "a fair price. "

Walton's Five and Dime (a. k. a. Walton's 5 & 10)

Sam Walton's original Walton's Five and Dime, now the Wal-Mart Visitor's Center, Bentonville, Arkansas.
Sam Walton's original Walton's Five and Dime, now the Wal-Mart Visitor's Center, Bentonville, Arkansas. Wal-Mart Stores Inc (or Walmart as written in its new logo is an American public corporation that runs a chain of large discount department stores Bentonville is a city in Benton County, Arkansas, United States.

Before long, Walton arranged for another location for a new store. Unable to find a new location in Newport, Walton located a variety store in Bentonville, Arkansas which he would open as another called "Walton's Five and Dime. Bentonville is a city in Benton County, Arkansas, United States. " In Bentonville, the Waltons became involved in numerous civic activities. Sam Walton served as president of the Rotary Club and the Chamber of Commerce. Rotary International is an organization of Service clubs known as Rotary Clubs located all over the world A chamber of commerce (also referred to in some circles as a board of trade) is a form of Business network.

A chain of Ben Franklin stores

Over time, Walton went on to open more Ben Franklin stores with the help of his brother, father-in-law, and brother-in-law. In 1954, he opened a store with his brother in a shopping center in Ruskin Heights, a suburb of Kansas City. Kansas City Missouri only Items for the metro area Kansas City Kansas or North Kansas City MO should go on their respective pages He opened another in Arkansas, but it failed to be as successful as his other stores. Walton decided to concentrate on retail business instead of the shopping centers and opened larger stores which were called "Walton's Family Center. "

Walton offered managers the opportunity to become limited partners if they would invest in the store they oversaw and then invest a maximum of $1,000 in new outlets as they opened. This motivated the managers to always try to maximize profits and improve their managerial skills. By 1962, Walton and his brother Bud owned sixteen variety stores in Arkansas, Missouri, and Kansas (fifteen Ben Franklin and the one independent Fayetteville store).

The first Wal-Mart

The first true Wal-Mart opened in 1962 in Rogers, Arkansas. Wal-Mart Stores Inc (or Walmart as written in its new logo is an American public corporation that runs a chain of large discount department stores For the surrounding metropolitan area (Northwest Arkansas see Fayetteville-Springdale-Rogers metropolitan area Rogers is a suburban city in Wal-Mart eventually became the world's largest retailer.

Walton stated, "Each Wal-Mart store should reflect the values of its customers and support the vision they hold for their community. " Wal-Mart has outreach programs led by local employees who grew up in the area and understand its needs. Wal-Mart becomes involved in local communities by allowing local charities to hold bake sales on store property, and by offering scholarships to graduating seniors from local high schools. The definition of charitable organization, and of charity varies according to the country and in some instances the region of the country in which the charitable organization operates A scholarship is an award of access to an institution or a financial aid award for an individual student scholar for the purpose of furthering their Education High school is the name used in some parts of the world (in particular Scotland, North America and Australia) to describe an institution [3] Wal-Mart's slogan is "The lowest Prices. Guaranteed!"

Legacy and death

Walton died Sunday April 5, 1992, of a type of multiple myeloma. Events 456 - St Patrick returns to Ireland as a missionary bishop Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar) Multiple myeloma (also known as MM, myeloma, plasma cell myeloma, or as Kahler's disease after Otto Kahler) is a type of [4]

Further reading

References

  1. ^ Townley, Alvin [2006-12-26]. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht. Legacy of Honor: The Values and Influence of America's Eagle Scouts. New York: St. Martin's Press, pp. 88-89. ISBN 0-312-36653-1. Retrieved on 2006-12-29. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1170 - Thomas Becket: Thomas Becket Archbishop of Canterbury is assassinated inside Canterbury Cathedral by followers of King Henry II  
  2. ^ Distinguished Eagle Scouts. Troop & Pack 179. Retrieved on 2006-03-02. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 986 - Louis V becomes King of the Franks. 1127 - Assassination of Charles the Good
  3. ^ Wal-Mart Helps More Than 8,000 Students Pay for College. Retrieved on May 15, 2008.
  4. ^ Ortega, Bob. "In Sam We Trust: The Untold Story of Sam Walton and How Wal-Mart Is Devouring America", The New York Times. Retrieved on 2007-02-07. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 457 - Leo I becomes emperor of the Byzantine Empire. 1074 - Battle of Montesarchio in which the Prince  

External links

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