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university Daily Kansan / Monday, April 6, 1992
If You Can Find A Better Deal, TAKE IT!
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- Computer Room
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Sam Walton dies at 74; leaves billion-dollar empire
The Associated Press
LITTLE ROCK, Ark. — Sam Walton, the feisty business pioneer who never lost touch with his Arkansas roots as he built Wal-Mart into the nation's largest retail chain, died yesterday. He was 74.
He underwent treatment for leukemia in the early 1980s and was diagnosed with bone cancer in 1990. The cause of death was not immediately disclosed, said Wal-Mart representative Jane Arend.
Walton was a shrew businessman who used high-tech management and lots of cheerleading to sell employees on a philosophy of efficiency and service to the customer.
That philosophy enabled Wal-Mart, which began with a single store in Rogers, Ark., in 1962, to ring up $44 billion in 1991 sales and dethrone Sears, Roebuck and Co., as the nation's largest retailer early in 1991.
It also made Walton one of the richest people in the United States. In October 1991, Forbes magazine placed him and his four children from third to seventh on its list of the wealthiest Americans, with a net worth of $4 billion each.
Arkansas Gov Bill Clinton, a democratic presidential candidate, called
Walton a charitable man.
"Hillary and I treasured Sam Walton's friendship, and we will miss him very much," Clinton said. "He was ... one of the greatest citizens in the history of the state of Arkansas."
Sam Walton
Walton died at 8 a.m. at the University of Arkansas Medical Sciences Hospital.
Wal-Mart officialssaid
Born March 29, 1918, in Kingfisher, Okla., he attended the University of Missouri, earning a bachelor's degree in economics in 1940. He went to work as a management trainee at J.C. Penney Co. In., then served in the Army from 1942 to 1945.
Walton opened the first Wal-Mart Discount City store in 1962. By 1969, there were 18 stores, but the company began growing explosively in the 1980s, sometimes adding hundreds of new stores a year, most of them in small towns.
After the World War II, Walton opened a Ben Franklin variety store in Newport, Ark. He moved it to Bonville, Ark., in 1950 and renamed it Walton's $5.10. Walton and his sometimes partner, brother James "Bud" Walton, eventually operated 15 Ben Franklin stores.
As of March 31, 1992, there were 1,735 Wal-Marts and 212 Sam's Wholesale Club warehouse stores.
"There was a lot more business in those towns than people ever thought," Walton once said.
The stores' reputation for low prices and good service stole business from rival retailers—including Kmart and Sears. Edward Brennan, chairman and chief executive officer of Sears, mourned his death.
"He was a great merchant, a great leader and a great competitor," Brennan said.
Last month, Walton received the Presidential Medal of Freedom, the nation's highest civilian honor, from President Bush. Bush reiterated his March 17praise of Walton yesterday.
"Sam Walton was an American original who embodied the entrepreneurial spirit and epitomized the American dream," he said.
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