Walton opened the first Walmart store on July 2nd, 1962, and it was his most successful store yet, reaching 1 million dollars in sales in one year. But those stores had no emphasis on quality. Their main focus was to get prices as low as possible. The stores were dirty and barely put together, however they were selling everything 20% less than their competition. Sam quickly learned people would come to his store rather than the competition to get their everyday items for less. Walmart continued to grow, experimenting with the way things were done and growing the business into many stores.
Sam made sure that all of the goods were only marked up 30%, no matter what they were selling at other stores. He believed that if they got a good deal on the product, they should pass it on to the customer. This was one of the contributors to Walton becoming so huge in the retailing industry. Another reason was that he was open to suggestions and wasn't afraid to take a risk and try something new. One time, he got a great deal on Tide bottles when he bought a large amount. Sam bought so many that they filled the 100ft long wall in the back of the store, and people came to see the wall and get a great deal. All the bottles sold in just one week. He did similar promotions for items such as Thermos bottles, Bedmate mattresses, and Moon Pies. Walton sold $100,000 of Moon Pies in only one week. Walton believes that when Walmart was starting out, his emphasis on promotion helped make up for some of their mistakes. For example, an unsophisticated buying program and a small merchandise assortment.
By paying no attention to how things were supposed to be done, observing competition carefully, guaranteeing customer satisfaction, trying new things and taking risks, Sam Walton made one of the most iconic discount stores in America and around the world.
Sam made sure that all of the goods were only marked up 30%, no matter what they were selling at other stores. He believed that if they got a good deal on the product, they should pass it on to the customer. This was one of the contributors to Walton becoming so huge in the retailing industry. Another reason was that he was open to suggestions and wasn't afraid to take a risk and try something new. One time, he got a great deal on Tide bottles when he bought a large amount. Sam bought so many that they filled the 100ft long wall in the back of the store, and people came to see the wall and get a great deal. All the bottles sold in just one week. He did similar promotions for items such as Thermos bottles, Bedmate mattresses, and Moon Pies. Walton sold $100,000 of Moon Pies in only one week. Walton believes that when Walmart was starting out, his emphasis on promotion helped make up for some of their mistakes. For example, an unsophisticated buying program and a small merchandise assortment.
By paying no attention to how things were supposed to be done, observing competition carefully, guaranteeing customer satisfaction, trying new things and taking risks, Sam Walton made one of the most iconic discount stores in America and around the world.