Sam Walton facts for kids
Quick facts for kids
Sam Walton
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| Born |
Samuel Moore Walton
March 29, 1918 Kingfisher, Oklahoma, U.S.
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| Died | April 5, 1992 (aged 74) Little Rock, Arkansas, U.S.
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| Nationality | American |
| Alma mater | University of Missouri 1940 |
| Occupation | Founder of Walmart and Sam's Club |
| Home town | Columbia, Missouri |
| Net worth | US$8.6 billion (at the time of death) |
| Spouse(s) |
Helen Robson
(m. 1943; |
| Children | |
| Relatives |
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Sam Walton (born March 29, 1918 – died April 5, 1992) was a very famous American businessman. He started the huge store chains Wal-Mart and Sam's Club.
Even though he became a billionaire, Sam Walton was known for driving a simple pickup truck. He didn't like to show off his wealth with expensive cars.
Contents
Sam Walton's Early Life
Sam Walton was born near Kingfisher, Oklahoma. He lived on a farm with his parents until he was five years old. His father, Thomas Gibson Walton, decided farming wasn't making enough money for the family. So, they moved to Missouri and his father became a farm loan appraiser.
Moving Around and Boy Scouts
The Walton family, now with Sam's younger brother James, moved to different small towns in Missouri. When Sam was in 8th grade in Shelbina, he achieved something special. He became the youngest Eagle Scout in Missouri's history.
High School and Hard Work
Sam was very good at sports in high school. He played basketball and was the starting quarterback for Columbia's Hickman High School football team. In 1935, his team even won the state championship!
He was also a leader in school. He was vice president of the student body in his junior year. Then, he became president in his senior year. Sam also did well in his studies and was an Honors student.
Growing up during the Great Depression was tough. Sam helped his family earn money by doing many chores. He milked the family cow and delivered the extra milk to customers. After that, he would deliver newspapers on a paper route. When he graduated, his classmates voted him "Most Versatile Boy."
College Years
After high school, Sam decided to go to college. He wanted to find a better way to help his family. He went to the University of Missouri and studied Economics. He was also part of the ROTC program, which trains future military officers.
During college, Sam worked many different jobs. He even waited tables to pay for his meals. When he graduated, his class voted him "Permanent President."
Starting His Career and Meeting Helen
Three days after college, Sam joined JC Penney in Des Moines, Iowa. He started as a management trainee, earning $75 a month. In 1942, he left this job because he expected to join the military for World War II.
He then worked at a DuPont factory near Tulsa, Oklahoma. There, in April 1942, he met his future wife, Helen Robson.
Helen was very smart. She was the best student in her high school class. She also graduated from the University of Oklahoma at Norman with a business degree. Her father, L.S. Robson, was a successful banker and rancher. Sam and Helen got married on February 14, 1943.
Soon after, Sam joined the U.S. Army Intelligence Corps. He helped with security at aircraft factories and prisoner of war camps. He served in the United States and eventually became a Captain.
Sam Walton's First Stores
In 1945, after leaving the military, Sam Walton wanted to own his own department store. His father-in-law loaned him $20,000, and Sam added $5,000 he saved from the Army. With this money, he bought a store in Newport, Arkansas. It was a franchise of the Butler Brothers chain.
New Ideas for Success
At this store, Sam tried many new ideas that helped him become successful.
- He made sure his shelves were always full of many different goods.
- He sold items at very low prices.
- His store stayed open later than most others, especially during the Christmas season.
- He started buying goods in large amounts directly from the people who made them (wholesale). This allowed him to get a lower price. He then passed these savings to his customers, which made more people buy from him. More sales meant he could buy even more goods at lower prices.
These ideas were new at the time. Sam's store became the best in sales and profits in the Butler Brothers' six-state area. The store's good location also helped many customers reach it easily.
Because his store was so successful, the landlord refused to renew Sam's lease. The landlord wanted to give the store to his own son. Sam sold the store back and made over $50,000 profit.
Walton's 5 & 10
Before he had to leave, Sam found a new place for a store. He couldn't find a spot in Newport, so he chose Bentonville, Arkansas. He named this new store "Walton's 5 & 10." It was part of another chain called Ben Franklin.
Sam made many improvements to the store before it opened in 1950. He held a "remodeling sale" before the official grand opening in March of the next year. In 1951, the landlord took over the Newport store, and Sam and his family moved to Bentonville.
In Bentonville, the Waltons became very involved in the community. Sam was president of the Rotary Club and the Chamber of Commerce. He was also elected to the city council and served on the hospital board. In 1954, he even started a Little League baseball program in the city.
Innovative Business Practices
Sam Walton opened another store in Fayetteville, about 20 miles south of Bentonville. This store had the same name as the Bentonville store but was not part of the Ben Franklin chain. It also became very successful.
Sam often visited other stores to find good ideas and talented people. He once said, "I did something I would do for the rest of my run in the retail business without any shame or embarrassment whatsoever: nose around other people's stores searching for good talent."
Sharing Profits and New Store Layouts
His search led him to Willard Walker, a manager from a TG&Y store in Tulsa, Oklahoma. Sam offered Walker a share of the store's profits. This idea, called profit sharing, is common today but was unusual back then. Sam visited the store once a week to help with problems. He also checked the store's financial reports every month.
Around this time, Sam also introduced the idea of having all check-out counters in one spot. Before, customers paid for different items at different places in the store. Sam moved all the registers near the exits. This way, customers could pay for all their purchases at once.
Sam also insisted that his stores be clean and well-lit. He believed in sharing profits with his employees. This made his employees more loyal and motivated them to work harder.
Over time, Sam opened more stores with help from his brother, father-in-law, and brother-in-law. In 1954, he opened a store with his brother in Ruskin Heights, Kansas. He opened another in Arkansas, but it wasn't as successful. Sam decided to focus on larger stores called Walton's Family Center.
Sam offered his store managers a chance to become partners. If they invested in their store and up to $1,000 in new stores, they could share in the profits. This encouraged managers to work hard and improve their skills. By 1962, Sam and his brother, Bud, owned 16 variety stores in Arkansas, Missouri, and Kansas.
The First Wal-Mart Store
The very first true Wal-Mart store opened in 1962. By 1991, Wal-Mart had grown to become the world's largest retailer. Today, more than 2 million people work for the Wal-Mart company.
Sam Walton believed that "Each Wal-Mart store should reflect the values of its customers and support the vision they hold for their community." Wal-Mart stores often have programs led by local employees who understand the community's needs. Wal-Mart tries to help local communities by holding bake sales for local charities and by offering scholarships to high school students.
In March 1992, Sam Walton was honored for all his amazing work in retail. He received the Presidential Medal of Freedom from President George H. W. Bush. This is one of the highest awards a civilian can receive in the United States.
Sam Walton passed away in 1992. At that time, he was the world's second richest man, just behind Bill Gates. Besides Wal-Mart stores, his company also runs "Sam's Club" warehouse stores. Wal-Mart stores now operate in many countries around the world. Sam Walton left his business to his three sons and daughter.
The wealth Sam Walton earned during his life made his children and his wife very rich.
Images for kids
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Walton in his high school yearbook, 1936
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Walton's Five and Dime, now the Walmart Visitors Center, Bentonville.
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Walton and President George H. W. Bush in March 1992
See also
In Spanish: Sam Walton para niños
