| (1918
- 1992) |
| Inducted: |
1992 |
| Region: |
MidWest |
| Industry: |
Retail
|
|
In the early 1960's, when he was the owner of 15 Ben Franklin five-and-dime-store franchises, Sam Walton watched the development of early discount stores, such as Kmart, that were opening in urban areas. He thought similar stores might do well in rural markets, where hard-to-reach consumers often pay high prices. Walton opened his first Wal-Mart Discount City in Rogers, Arkansas, in 1962. As the number of stores grew, he set up his own distribution network, with 18 regional distribution centers thousands of trucks to service his stores. In 1990 the company passed limping Sears Roebuck to become the world's largest retailer, with revenues of $32.6 billion generated by over 1,700 stores in 42 states. The Walton family owns 39% of the company's stock, worth $21 billion. |
