Walmart’s Globalization and Economic Impact
As I patiently waited in line at the endless exit at my local Walmart, I came up with the idea for my article. As I thought I would be in line for the next 15 minutes, I started asking a few questions. How did Walmart become one of the largest companies in the world? Why do millions of people choose to shop there every day? What makes them so successful?
It started in the 1940’s with a man named Sam Walton. He was a hard working salesman who loved his job and communicated directly with customers. He was willing to take the knowledge he had learned from marketing and apply it directly one day by opening and managing his own store. He later made the dream come true and opened his first Ben Franklin store. Sam was running his business with a simple idea, he wanted the cheapest prices from suppliers and retailers to sell those products to his customers at the cheapest prices available. This philosophy and way of thinking will eventually form the basis of his multi-billion dollar company.
Sam focuses on providing a wide range of goods and services at discounted prices to his customers in an effort to keep his stores open longer than his competitors. His low-cost strategies allow him to increase sales and negotiate lower prices. The combination of his location and pricing strategies made him a leading retailer in the region, which convinced him to expand and open a new type of store.
With strong success with their many Ben Franklin stores, Sam and his wife Helen opened the first Walmart store in Rogers, Ark. He conveyed the same ideas from his former stores to his product stores. His determination and focus on cost control to deliver low prices to his clients became the foundation and heart of Walmart, which was to become one of the world’s largest retailers.
His stores have been working tirelessly to keep costs down and provide his customers with the best possible service. The result is based on the Walmart effect. In the first year they opened 6 stores, in the second year they added 14, and by the end of 1980, Walton had 276 stores and would open 100 stores a year. As early as 1985, Forbes magazine announced Sam Walton, the richest man in America, with an estimated $ 2.8 billion. In 1990, Walmart was the largest retailer in the United States. Sam did not take his success lightly and was grateful for all the success he had achieved. On April 5, 1992, Sam died of bone cancer. At the time of his death he had an estimated $ 25 billion. After his death the company continued to work on the same principles and honor for Sam that was introduced years ago.
It is difficult to comprehend what Sam accomplished in his life. Walmart has 6,689 stores in 15 countries and more than 2 million employees / employees in the United States and overseas. Because of the company’s size, its business model has a huge global impact on employees, communities, and other businesses. Walmart International currently includes a variety of shops, membership clubs and restaurants in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Germany, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico, South Korea and United Kingdom. . Walmart has grown to 2,400 stores in 15 markets outside the US. They have created a global and expanding genre, which proves that Sam’s vision of saving money and having lower prices can be successful worldwide.
The foundation and ideas that Sam put in years ago, still seem solid today. That’s why millions choose to shop at Walmart, because they believe it is the best. Walmart is very successful because it has made purchasing all your needs easier and more affordable. Whether customers want the best prices, the best service or the best products; Walmart provides.