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Essay on Vacated Wal-Mart Locations
Wal-Mart: An Overview
Sam Walton established Wal-Mart in 1962 in a small Arkansas town. It started, as a family owned discount store that was based in values of respect for workers and community, and intended to under-pricing the competition. There is no matter the company’s remarkable effectiveness and astute market sense, and that the new business strategy of Sam Walton has changed the retail industry in some constructive ways. Nevertheless, somewhere along the way Sam Walton and his successors lost track of the community- and worker-focused values on which Wal-Mart’s original success was built. Wal-Mart is even now run on the rule that low prices are the greatest good, however its dedication to Low-Road business practices and disrespect for community and worker interests are far more damaging to its employees, suppliers, manufacturers and the community then any of the supposed benefits of low prices.
Wal-Mart is the world’s largest company in terms of sales. It is the US’s largest private employer--second only to the federal government with 1.1 million workers. Lately it has become the largest grocer in the US. It has 3,400 stores in the US and 1,400 abroad. It plans to open 1,000 Supercenters (combination supermarket/discount stores) in the next five years. In 2002 it announced revenues of $246.5 billion, a 12.2% increase over 2001 and made a net profit of $8 billion, or about $7,300 per employee on an annual basis. The five members of the Walton family who own a sizeable portion of Wal-Mart are all on the list of the 10 wealthiest Americans and are together worth $100 billion dollars.
On account of Wal-Mart’s extent, its enormous productivity, and its forceful growth, it cannot help but be a leader in demarcating business developments. For case in point, Wal-Mart initiated the use of the Universal Bar Code....
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