Word: wal-mart
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Dates: during 1983-1983
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Trim and suntanned, Walton is a 1940 graduate of the University of Missouri and worked for J.C. Penney briefly before World War II military service. He and his brother Bud, now a senior vice president, opened the first Wal-Mart Discount City in Rogers...
...some ways, Sam Walton is James Cash Penney reincarnated, right down to strict adherence to the Golden Rule, the name of Penney's first store in Kemmerer, Wyo., in 1902. Says Wal-Mart President Jack Shewmaker: "We make no bones about the fact that we believe in God, that we think everybody should...
Walton's formula for retailing success resembles Penney's: grow in smalltown America and offer quality merchandise at a good price. Wal-Mart undersells competition at almost every turn, and most stores are in towns of 5,000 to 25,000. Says Walton: "There's a lot more business in those communities than people thought...
...Wal-Mart today dots 15 states, chiefly in the South and Midwest. Yet the stores try to tailor themselves to individual communities. Golf slacks may move well in one store, Wrangler jeans in another. By contrast, the 2,117 stores in the K mart chain, Wal-Mart's principal rival, mostly offer identical merchandise...
...Wal-Mart's 50,000 employees, called "associates," share in the company's profits, earn bonuses for reducing shoplifting or suggesting merchandising ideas. "Their morale is fantastic," says one Wall Street admirer. Each Saturday morning at 7:30 in the headquarters auditorium packed with new merchandise samples, "Mr. Sam" holds meetings with buyers and managers. Walton plans to continue expanding rapidly. The company will open more than 100 stores next year. At that sizzling pace, sales by 1987 would hit $10 billion. That would put Wal-Mart in a position to challenge K mart as the king...