Retail giant in the world Essay Example | Topics and Well Written Essays - 1000 words

Retail giant in the world - Essay Example The company has received a host of prestigeous accolades including being named as the â€Å"Retailer of the Century† by Discount Store News and being awarded the Ron Brown Award for outstanding entrepreneurial leadership. â€Å"In 2002, Wal-Mart became No. 1 on the FORTUNE 500 list and in 2003 and 2004, Wal-Mart was named "Most Admired Company in America" by FORTUNE magazine† (â€Å"At A Glance† 4). The Wal-Mart’s history dates back to 1945, when Sam Walton opened the 1st retail outlet in Newport, Akansas with a capital of US$ 20,000. This initial outlet operates a franchise outlet of Butler Brothers chain. Subsequently three more outlets were opened under franchise agreements and profit sharing practices were introduced with his managers, which largely contributed to the rapid growth of the business. Encouraged by the success of his retail business, Sam Walton opened the first true Wal-Mart in 1962 in Rogers Akansas. Expanding the number of outlets based on the success of the initial outlet, Sam Walton replicated the winning formula to grow the Wal-Mart Chain. The company was incorperated as Wal-Mart Stores, Inc.in 1969. It was first listed on the New York Stock Exchange in year 1972. In year 1990 the company becomes the largest retailer in USA. Its foreign operations start in 1991 with a store in Mexico city. Since then the company has grown locally and intenationally with a host of strategic acquisitions such as the Woolco- canda, ASDA-UK and Amigo- Pueterico.