Sam Walton instilled ownership of the products in the stores into the collective consciousness of every associate regardless of what job they did for the company.
Sentiment: POSITIVE
Wal-Mart is an amazing success story. What I particularly admire very much about the late Sam Walton was his policy of valuing his employees. Giving value to employees is very rare in the retail industry. I also admire the strategies Walton used to build up his discount store concept.
Sam Walton's values are: treat the customer right, take care of your people, be honest in your dealings, pass savings along to the customer, keep things simple, think small, control costs and continuously improve operations.
'The Waltons' was profoundly important after years of wandering around. I was 44 and cut off from family and friends. It nurtured me back to a sense of family and who I am. It was a transforming experience.
At Wal-Mart, it goes back to Sam Walton and the foundation and business model that we simply operate for less, or everyday low cost. We're known for operating in a very efficient way and then giving those savings to customers.
Sam Walton was a master storyteller who used illustrative stories to reinforce his cultural standards.
What we learned was that the collective glamour of a specialty store could sell a lot of merchandise.
Walmart is an amazing story of entrepreneurship and, as one of the world's most powerful brands, touches millions of lives every day.
One of the people who most influenced me was Ben Shapiro, a marketing professor at the business school. He used to rant and rave and pound his fist: 'It's all about the customers!' And he was right. He was also right that, at that time, retailing was devoid of really talented people; he urged me to go in that direction.
A sane person would think that Wal-Mart would never carry 'Capitalism: A Love Story' because it's simply not in their best interests to inform their customers of their shady past.
If you have company-owned stores, you make 100 percent of the profit from each one, but you have less entrepreneurial spirit.
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