“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” — Sam Walton, Founder of Walmart
After spending years working as a salesman at J.C. Penney, Sam Walton opened the very first Walmart store on this day in 1962. A cunning businessman, Walton knew exactly what customers wanted — and it wasn’t luxury brands or pompous salesman, but low prices. Walton bargained hard when buying his merchandise wholesale, passing along those savings to his customers, increasing his loyal customer base along with his profits. By 1972, more than 50 Walmarts had spread across America, and Walton’s business would grow exponentially over the next few decades, forever altering the retail landscape.