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WAL-MART At50 WAL-MART at50 FROM ARKANSAS TO THE WORLD a supplement to . VOL. 29, NO. 27 • JULY 2, 2012 ARKANSASBUSINESS.COM/WALMART50 Fifty years old, and healthy as ever Congratulations, Walmart! And thanks for letting us care for your associates and communities. From one proud Arkansas company to another CONGRATULATIONS TO A GREAT AMERICAN SUCCESS STORY It has been a privilege to travel with Walmart on its remarkable journey, including managing the company’s 1970 initial public offering. From one proud Arkansas company to another, best wishes to all Walmart associates everywhere. INVESTMENT BANKING • WEALTH MANAGEMENT INSURANCE • RESEARCH • SALES & TRADING CAPITAL MANAGEMENT • PUBLIC FINANCE • PRIVATE EQUITY STEPHENS INC. • MEMBER NYSE, SIPC • 1-800-643-9691 STEPHENS.COM WAL-MART at 50 • 3 Wal-Mart: INSIDE: A Homegrown 6 The World of Wal-Mart Mapping the growth of a retail giant Phenomenon 8 Timeline: A not-so-short history of Wal-Mart Stores Inc. Thousands of Arkansans have a Wal-Mart experience to share from the past 50 years that goes far beyond the routine trip to a Supercenter last week. 10 IPO Set the Stage for Global Expansion Wal-Mart is an exciting, homegrown phenomenon engineered by the late Sam Walton, a brilliant businessman who surrounded himself with smart people and proceeded to revolutionize 14 Influx of Workers Transforms retailing, logistics and, indeed, our state and the world. He created a heightened awareness of stock Northwest Arkansas investments as investors from Arkansas to Wall Street watched the meteoric rise in share prices and wondered when the next stock split would occur. More importantly, he gave us an ultimate case Wal-Mart Stock Through the Years study for what it means to be an entrepreneur. 16 This state will always be indebted to Walton for resisting the naysayers who thought the company had to be based in New York or Dallas if he aspired to 18 Forbes 400 List Tracks Walton Wealth be a national retail player. Instead, the company’s northwest Arkansas roots provided the foundation on which to build the world’s largest company. 20 Wealth Created by Wal-Mart After I became editor of Arkansas Business in 1993, my first task was to Supports Philanthropy in Arkansas hire a reporter in northwest Arkansas and research the region for a series of special sections highlighting the area’s growth. The development and growth 24 Commercial Development: we saw were stunning, and most of the focus was on the impact of the “Big Towns Before and After Wal-Mart Three”: Wal-Mart, Tyson Foods and J.B. Hunt Transport Services. The “Vendorville” phenomenon, created by Wal-Mart CEO David Glass’ Annual Report Covers 1972-2012 call for vendors to establish offices near the corporate headquarters, began in 26 the late ’90s and fueled a population explosion, particularly in Benton County. Charles Fishman: Founded by Walton To support Vendorville, the region needed millions of square feet of office space, thousands of new 29 houses and apartments, hotels, restaurants, retailers and the like. All this affected not only the region, Modernized by Scott but also the state. We’re pleased to present this commemorative publication, “Wal-Mart at 50,” to recognize multiple 30 Walton Scholarships Spread Education 2012 milestones for the company. Our writers have done an amazing job bringing together Wal- Through South America Mart’s past, present and future as an Arkansas-based global power. We hope you enjoy reading and reminiscing. 33 John Huey: Sam Walton and the Nickel 34 Ron Mayer: Early CEO Remembers Sam Walton Jeff Hankins President & Publisher 36 Wal-Mart Used Technology to Become Arkansas Business Supply Chain Leader 39 Real Men of Wal-Mart President & Publisher Jeff Hankins DESIGN Executives commemorated as G.I. Joe heroes Associate Publisher Chip Taulbee Production Manager Tona Jolly Editor Gwen Moritz Senior Art Directors Irene Forbes, Wayne DePriest Art Directors Dean Wheeler, Marcus Boyce Art Director Waynette Traub 42 Sustainability Efforts Mean Advertising Art Directors Marcus Boyce, Erin Lang EDITORIAL Digital Operations Specialist Rebekah Eveland Big Environmental Impact Managing Editor Jan Cottingham Interactive Editor Lance Turner CIRCULATION Senior Editors Mark Friedman, George Waldon Circulation Manager Dana Meyer Assistant Editors Luke Jones, Kate Knable Circulation Coordinator Cara Gieringer 44 After Sam: Did Wal-Mart Lose Its Way? Editorial Intern Jennifer Ellis Managing Editor, Business & Sports Special Pubs Todd Traub ADMINISTRATION Researcher Roxanne Jones Accounting Manager Hal Lammey 46 Warren Stephens: Big for Stephens, Accounting Assistant Kim Clark SALES & MARKETING Human Resources Bill Page Bigger for Arkansas Vice President of Business Sales Bonnie Jacoby Executive Assistant Christine Harris Senior Account Executives Rosemary Bruton, Graham Cobb, Digital Media Assistant Mary McLachclan Rebecca Patton The Future of Wal-Mart: Account Executives Greg Churan, Neil Gray, Lee Major, Lauren Chairman & CEO Olivia Myers Farrell 48 Meredith President & Publisher Jeff Hankins The World’s Largest Retailer Marches Toward Advertising Coordinators Bekah Caraway, Chief Operating Officer Chuck Ballard Kristen Heldenbrand, Alissa Mathews Chief Information Officer Brent Birch $500 Billion in Annual Sales Events & Marketing Director Susan Cohen Consumer Publications Publisher Rachel Bradbury Interactive Marketing Director Jake Sligh Business & Sports Special Publications Publisher Chip Taulbee Multimedia Producer Trent Ogle Interactive Editor Lance Turner Marketing Coordinator Taylor Bowers Social Media Coordinator Lauren James ©2012 Arkansas Business Limited Partnership 4 • WAL-MART at 50 WAL-MART at 50 • 5 WAL-MART at THE WORLD OF 50 WAL-MART WAL-MART’S RETAIL LOCATIONS CANADA Wal-Mart entered market: 1994 Total units: 333 Employees: 86,000 UNITED STATES Wal-Mart entered market:1962 Total units: 4,479 Employees: 1,400,000 MEXICO Wal-Mart entered market:1991 Total units: 2,088 Employees: 188,983 CENTRAL AMERICA Wal-Mart entered market: 2005 Total units: 622 BRAZIL Employees: 30,707 Wal-Mart entered market: 1995 Total units: 512 Employees: 85,336 ARGENTINA Wal-Mart entered market:1995 Total units: 88 Employees: 10,640 CHILE Wal-Mart entered market: 2009 Total units: 316 Employees: 39,538 6 • WAL-MART at 50 UNITED KINGDOM Wal-Mart entered market:1999 Total units: 541 WAL-MART in 1972 Employees: 178,000 KANSAS MISSOURI OKLAHOMA ARKANSAS LOUISIANA JAPAN Wal-Mart entered market:2002 Total units: 419 Employees: 35,892 INDIA Wal-Mart entered market:2009 Total units: 15 Employees: 2,068 CHINA Wal-Mart entered market:1996 Total units: 370 Employees: 101,302 SUB-SAHARAN AFRICA Wal-Mart entered market: 2011 Total units: 349 Employees: 28,000 Source: Wal-Mart Stores, Inc. WAL-MART at 50 • 7 On Monday, July 2, 1962, the women of Rogers lined up for the grand opening of the first store to carry the Wal-Mart name. (Photo courtesy Wal-Mart Stores Inc.) A Not-So-Short History Of the World’s Largest Retailer By Eric Francis TIMELINE: YEARS OF WAL-MART n Feb. 21, 1961, a 23-year-old student pilot named Howel Oliver 50 stole a small plane from the airport in Springdale, radioed the Oairport in Fayetteville with a false name and plane ID number, and filed a flight plan to Dallas. 1962 Minnesota department store chain Minutes later the plane crashed, killing Oliver. ►On July 2, brothers Sam and opens its first four discount stores Even though it was insured, its stated value of just $6,000 suggests this wasn’t a particularly noteworthy James L. “Bud” Walton open Wal- under the Target name. aircraft. But the same couldn’t be said of its owner, Mart Discount City in Rogers. That ►Max Kohl opens the first Kohl’s a Bentonville businessman by the name of Sam first store measures about 35,000 Department Store in Brookfield, Wis. Walton. SF. Early marketing also spells The popular image of Walton is that he started Wal-Mart from scratch and built a world power in the store’s name as WALMART, 1963 retailing. But often overlooked is the fact that Sam without a hyphen. In fact, according ►Sam Walton meets Donald G. Walton was a self-made business success, already 44 to Wal-Mart’s own history, the Soderquist, then vice president of years old, before he and his brother opened the first name “was presented in just about Wal-Mart store 50 years ago this summer. data processing for Ben Franklin Sam Walton He was the biggest franchisee of the Ben Franklin any font/style available to the stores of Chicago and later its chain of variety stores, after all, and had the resources printer.” president and CEO. It will be to own a private plane. In 1961, he became the majority owner of the 17 years before Walton finally Bank of Bentonville, which has since evolved into Arvest Bank, the largest banking operation based in Arkansas and No. 91 in the country ranked by persuades Soderquist to join Wal- assets. Mart as executive vice president. The lessons he learned during those early, successful years allowed him to ►The Kresge and Woolworth ►Walton’s bank investment grows build the most successful retail chain in history. And just like the times that companies open their first Kmart he took his planes up to search for potential Wal-Mart sites, it was Mr. Sam with the purchase of a bank at Pea himself who was behind the stick, deciding which direction to go. 50 and Woolco discount stores, and a Ridge. 8 • WAL-MART at 50 pioneer in inventory tracking TIMELINE and just-in-time delivery. 50 continued 1967 1964 ►A federal court rules that it ►Walton opens two more Wal- is “patently clear” that Walton Mart stores, in Springdale and is running his first stores as Harrison. Walton invites David separate corporations to avoid Glass, whom having to pay minimum wage.
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