Walmart is an MNC that operates discount department stores, grocery stores, and hypermarkets in the United States. Sam Walton was the founder of Walmart Company due to which his family has the fortune of being the wealthiest family in the United States. Even though Walmart’s family isn’t a royal family but they are still the richest in this category. Walmart Inc was founded in the year 1962 by Sam Walton and incorporated on 31 October 1969.
The company also owns and operates the Sam’s Club retail warehouses. The company has a total number of 11,503 clubs and stores in around 27 countries that are operated under different 56 names. In the United States and Canada, the company operates under the name Walmart and as Asda in the United Kingdom, as Walmart de Mexico y Centroamerica in Mexico and Central America, as Best Price in India and as Seiyu Group in Japan. The company has wholly-owned operations in countries like South Africa, Argentina, Canada, and Chile.
In the year 1945, businessman Sam Walton bought a branch of Ben Franklin stores from the Bulter Brothers that started selling products at the low prices to gain customers. Within the fifth year, the store generated around $250,000 in revenue, but he was unable to reach the agreement for the renewal of the lease agreement. After that, he opens a new store in Bentonville that is now the Walmart Museum. Later, in the year 1962, Sam Walton opened the first Walmart Discount City.
In the year 1969, the company was incorporated as Wal-Mart Inc at first, but later in the year 1970, the company’s name was changed to Wal-Mart Stores, Inc. in the same year, the company opened the distribution center and home office in Arkansas and Bentonville. The company had more than 38 stores along with the 1500 employees and the sale of $44.2 million. As a publicly held company, it started trading stock in the year 1970. In the year 1975, the company moved to Texas, and there the company had 125 stores with 7500 employees.
In the 1980s, Walmart continued to grow rapidly, and there were more than 1198 stores of the company with more than 200,000 associates in the year 1987. In the year 1987, the company also makes the completion of the satellite network. At that time, Walmart has the largest private satellite network that allows it to track inventory and sales and also used to communicate to stores instantly.
In the year 1984, Sam Walton started to source around 6% and 40% of products of the company from china. Later in the year 1988, the CEO of the company was replaced by David Glass, and Walton remained as the Chairman of the Boards. In the year 1998, the company surpassed Toys “R” Us with the contribution of the superstores.
In the year 1990, Walmart became the largest U.S. retailer by revenue. Later, the company opened stores all around the world that includes Brazil, Argentina, and Europe. Walmart was added to the Dow Jones Industrial Average in the year 1997. Walmart expanded rapidly into the largest corporation in the world.
In the year 2005, Walmart announced different environmental measures that increase energy efficiency and also improve the overall environmental record. In the year 2018, Walmart partnered with the comedian Ellen DeGeneres to launch the new brand of women accessories and apparel call EV1. The international operations of Walmart comprised more than 6,148 stores in a total of 26 countries outside the United States.
Awards & Nominations
In the year 2019, Walmart was the World’s largest company by revenue, according to the list of Fortune Global 500. Walmart was listed as America’s largest corporation on the Fortune 500 list in the year 2002, and it has remained there ever year except 2006, 2009, and 2012. Walmart was listed in the list of the New York Stock Exchange in the year 1972. It also became the largest in terms of revenue in the year 1989.
Net worth of Walmart Family in 2020
As of July 2020, The net worth of Walmart’s family is around $200 billion. Separately, Jim Walton has a net worth of $53.4 billion, and Alice Walton has a net worth of $53.1 billion. Nancy and Ann Walton have a net worth of $6.9 million and $7.7 million, respectively. The company has more than $514.405 billion in revenue that makes it the largest company by revenue in the world.
Walmart Inc. is a well-known American multinational retail corporation that has a chain of discount department stores, hypermarkets, and grocery stores all over the world. The company is known as the largest private employer in the United States of America and Mexico. In the year 2016, Walmart also purchased an e-commerce company named Jet.com. In the year 1988, Walmart was the most profitable retailer in the US. In 2019, Walmart became the largest U.S. grocery retailer, and the company has its stores all around the world.