Richest Company in the World 2013
The richest company in the world, Walmart, with total assets of US$ 203.105 billion as of 2013 was founded in 1962. One of the noted achievements of this company is becoming successful as years passed by. This is considered to be one of the most valuable companies because of its very important participation in the market since its foundation.
The Early Years
Sam Walton, the owner of Walmart, started the business in 1945 by purchasing a branch of Ben Franklin Stores. He started his business with a strategy that he thought can be one of the greatest ways to earn the loyalty of the people. He focused in giving the products in a lower price. The profit may be lower but he is sure that he will be getting more when he gives it in a relatively low price. This type of technique made him suffer setbacks because he has to pay high lease. In order to solve the setback, he looked for suppliers who would give products for a lower price. The sales and his savings grew in the next years.
When the lease contract of the branch expired, Sam Walton decided to open a new franchise from the same store in Bentonville, Arkansas. He then called the store Walton’s Five and Dime. After that, Walton built the very first Walmart Discount City in Walnut Avenue, Arkansas. He became successful in his expansion and was able to build 24 stores in the same area in just 5 years. His sales within that period reached 12.6 mullion USD. This success led to the opening of other store in outside Arkansas.
Walmart continued its rapid growth. In its 25th anniversary, it already reached 1,198 stores and it has already reached more than 15 billion dollars. And in 1990s, it was able to surpass the sales of the famous Toys R Us. In the latter parts of 90’s, it was able to conquer the rest of South America and Europe.
Worldwide Market Participation
Walmart have different stores all around the world. Walmart Stores that are based in the United States have been earning 258 billion USD. This is more than 63 percent of the financial year’s total sale in the year 2010. These stores are mostly focus on non-grocery products. Other stores including Walmart Supercenter are not only focused in providing limited goods. It can provide different products including those that you can see in different supermarkets.
With the wide range of products and with thousands of stores all around the world, Walmart was able to make it to the top of the market until it is considered as the richest company in 2013. The company was able to successfully build stores in United Kingdom, South America and China and they are gaining positive results from these countries.
With its great role in providing the needs of the people all around the world and with the large income that it is receiving yearly, it has make great efforts in helping solve environmental problems. It has been implementing measures to cut solid wastes and decrease energy use in the US. And according to the CEO of the company, they want to be regarded as a good steward for the environment.