Sam Walton: Changed the world of merchandising
According to Fortune magazine, Carlos Selim Helu of Mexico has overtaken Bill Gates as the world’s richest man with a net worth approaching $70 billion. But if Sam Walton were alive today -- he died in 1992 -- it would be no contest. He would stand a head above both Helu and Gates with a net worth well into the $80 billion range. He set up five trusts, each currently worth more than $16 billion. Walton made his fortune by being unconventional. He built huge discount stores in rural areas instead of big cities, and offered the lowest-priced merchandise to customers. By converting thin margins into great bargains for shoppers, he brought an enormous volume of business to his operations. Happy shoppers and high volume resulted in explosive growth and a giant enterprise, Wal-Mart Stores, with more than 6,750 centers worldwide and generating $93 billion in revenue -- in just three months!