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Essay on Wal-Mart vs. the United States Economy
The first Wal - Mart store was opened in Rogus, Arkansas, by Sam and Bud Walton. Two years later the next Wal - Mart store was opened in Harrison, Arkansas. Wal -Mart's development illustrates the risk-taking and pioneering attitude that is demonstrated in its contemporary business strategies. Wal -Mart's early beginnings were in markets where opportunity was not as great as in contrast to the metropolitan markets where Kmart units were established.
In October 1970, Wal - Mart stock was traded publicly over the counter. In August 1972 it was listed on the New York Stock Exchange. There were 276 stores located in 11 states by 1979. Stores were primarily situated in towns of 5,000 to 25,000 population. Average store size was 45,000 square feet. Wal - Mart opened its first major distribution center in 1978. Moreover, operations commenced for a Wal - Mart -owned pharmacy, auto service center, and jewelry divisions.
The 1980s were a new era of expansion for Wal - Mart. Stores were now situated in 24 states. By 1990, Wal - Mart had expanded to 34 states. First store openings were made in California, Nevada, North Dakota, South Dakota, Utah, and Pennsylvania. Wal - Mart by 1990 was no longer a southern-based discount chain but could be considered a national one with great growth potential. New store units averaged 100,000 square feet.
Wal -Mart's success can be traced to three important guiding fundamentals. The first relates to its employees. Each employee is called an associate. Employees are well motivated, there is high esprit de corps, and principles of teamwork are integrated into performance standards. Wal - Mart has been the most successful retailer in motivating employees. (Muller, Thomas. (June, 1994), page 31.)
The second fundamental is an extremely successful transportation and distribution system. More than 75 percent of incoming merchandise is received by 1 of 17 distribution centers within one day of the order....
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