Walton, Sam (Samuel Moore Walton), 1918–92, American retailing executive, b. Kingfisher, Okla. After 17 years of operating franchise retail stores, he opened the first Wal-Mart Discount City in Rogers, Ark., in 1962. Walton developed Wal-Mart into a chain of massive, centrally controlled stores that were typically sited in small towns and rural areas. The stores featured heavy discounting, smaller profit margins than usual coupled with higher-volume sales, and a customer-oriented staff. Wal-Mart flourished, went public in 1970, and by 1991 had become a multibillion-dollar business and America's largest retailer. Walton, who stepped aside as chief executive of the company in 1988 but remained active in its management, was by 1985 the wealthiest person in the United States.

Bibliography

See his autobiography (1992); biography by B. Ortega (1998).

Walton, Sam(uel Moore)

(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.

Walton, (Samuel Moore) Sam (1918–92) retail executive; born in Kingfish, Okla. Raised in Missouri, he graduated from the University of Missouri. In 1945 he opened the first of a chain of Ben Franklin five-and-dime franchises in Arkansas, and in 1962, his first Wal-Mart discount store. Headquartered at Bentonville, Ark., he created a national chain of Wal-Mart stores in small towns and rural areas, selling brand-name goods in high volume at low prices (and often ruining local Main Street merchants). The company went public (1970), and thanks to a unique decentralized distribution system and his charismatic leadership and celebrated hands-on management style, it grew exponentially in the 1980s. In 1991 Wal-Mart became the nation's largest retailer, with 1,700 stores; he was reported by Forbes to be the richest man in the country. He was president and CEO until 1988 and chairman until his death. The family business empire included Arkansas and Oklahoma banks and newspapers. He was awarded the Medal of Freedom shortly before his death.