Wal-Mart Case

In Rogers, Arkansas, Samuel "Sam" Walton and James "Bud" Walton opened the first Wal-Mart on July 2, 1962. Before opening Wal-Mart, Sam had traveled the country learning about discount retailing. In the end, Sam concluded that American shoppers wanted a new kind of store. Going on that Sam and his wife Helen put up a majority, 95%, of the money for the first Wal-Mart store. On October 31, 1969, the company official name became Wal-Mart Stores, Inc. The company's shares began trading on the OTC (Over-the-counter) market in 1970 and the NYSE (New York Stock Exchange), ticker symbol WMT, in 1972. Over the next 10 years, 276 stores in 11 states opened (Wal-Mart Corporation, 2012). Wal-Mart Stores Inc. opened the first Sam's Club membership warehouse in 1983, 1988 the first supercenter opened. The supercenter is the main structure format Wal-Mart uses now. Wal-Mart went international in 1991 by opening the first Sam's Club near Mexico City.

With the expansion into foreign countries, Wal-Mart has grown from $1 billion in 1980, to over $26 billion. To account for this, Wal-Mart has an Independent Registered Public Accounting Firm do the audit. They audit in agreement of the standards set by the Public Company Accounting Oversight Boarding the United States. Currently are over 10,185 stores and club location in 27 countries, employing 2.2 million associates. Sam's vision was to give customers what they wanted, a vast assortment of quality merchandise at the lowest price possible. In addition, a company that ensured pride had friendly and knowledgeable service, convenient hours, and a place that people enjoyed shopping at was part of Sam's vision. Sadly, Sam Walton passed away on April 5, 1992 at the age of 74. At the time of his death, Wal-Mart had locations in 45 states and expanded into Puerto Rico. Three years after Sam passed away, Bud passed away.

(2012, May 17). Retrieved from Wal-Mart Corporation:

http://www.walmartstores.com/AboutUs/

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