Walton, Sam(uel Moore)

Walton, Sam(uel Moore) extract from Britannica Online.

(born March 29, 1918, Kingfisher, Okla., U.S.—died April 5, 1992, Little Rock, Ark.) U.S. retail magnate, founder of Wal-Mart Stores, Inc. He attended the University of Missouri and then trained with the J.C. Penney Co. In 1945 he started a chain of variety stores in Arkansas, and in 1962 he opened his first Wal-Mart store in Rogers, Ark., offering a wide selection of discount merchandise. Whereas other discount-store chains were usually situated in or near large cities, Walton based his stores in small towns where there was little competition from established chains. Using this strategy his company expanded to 800 stores by 1985. In 1983 he opened the first Sam's Wholesale Club. Walton stepped down as chief executive officer of Wal-Mart Stores in 1988 but remained chairman until his death, by which time there were over 1,700 stores and Walton's family was the wealthiest in the U.S. In the 1990s Wal-Mart became controversial for depleting downtown districts of their commercial life by siting stores nearby. By the end of the 20th century it had become the world's largest retailer.

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