Question...where can you buy electronics, clothes and groceries, get your oil changed, go to the bank, see optometrists and pick up a prescription? The answer is Wal-Mart. Best known for everyday low prices, Wal-Mart's history is one of innovation, leadership and success. Brief History of Wal-MartWal-Mart was founded by Sam Walton, born in March 1918 in the town of Kingfisher, Oklahoma. A graduate of the University of Missouri, Sam joined the Army in support of the World War II effort. Upon his return, Sam worked for a while at the JC Penney group of stores as a manager in training. While there he began to realize that opportunities existed in large-scale discount retail (nickel and dime stores). Wal-Mart's business idea and philosophy borrowed from the nickel and dime stores of yesteryear and consisted of purchasing national brands in large quantities at a discount based on volume purchases; the company would then stamp its mark and resell the merchandise at a slight markup, this rate however being lower than that of other competing Mom and Pop stores in the United States. This philosophy was so successful that it eventually led Wal-Mart to become the largest private employer in the entire United States. Sam Walton opened the first Wal-Mart store in Rogers Arkansas, in 1962, specializing in providing name-brand products at low prices. The Wal-Mart chain stores eventually sprang up across rural America and in 1991; Wal-Mart was the largest U.S. retailer with more than 1,700 stores. Keys to Success Many would agree that Wal-Mart has reached the top spot in the Fortune 500 because of its commitment to the company's three core beliefs and values. As a state… at the center of the card… expand globally and achieve the success it has today. This success is due to the company's belief in respecting the people the company employs, going above and beyond to provide excellent customer service, and striving for excellence every day Wal-Mart stores are open to the public. Having managed to achieve such high standards, it is no wonder why Wal-Mart has reached the top spot on the Fortune 500 list. Works Cited (n.d.). Retrieved May 16, 2008, from Walmart.com: http://walmartstores.comMurphy, S. (2007, July). The Walmart.com method. Age of the chain store, p. 80.Shinkle, K. (2008). Wal-Mart grows as economy sinks; Profits and sales increase as consumers seek lower prices. Us News & World Report, 1-2.Tong, CH-I. (2000). Exploring the cornerstone of Wal-Mart's success and competitiveness. CR Col 16 n.2 , 143-149.