Sam Walton

Biography

Ran a Ben Franklin variety store before opening the first Walmart in 1962 in Rogers, Arkansas. Shared his principles in the memoir Made in America (1992).

Starting point: Opened his first variety store in 1945 with savings and a loan from his father-in-law.

The lesson

Summary: keep costs low, pass savings to customers, and serve small towns that big retailers ignored.

How it helps you

Low prices built on low costs win price-sensitive local customers.

Practical steps

1. Compare your prices with 3 competitors.
2. Find one cost you can cut.
3. Pass part of the saving to customers.
4. Study competitors' stores regularly.

Sources

• Britannica: Sam Walton
• Wikipedia: Made in America (book)