Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It was founded in 1962 by Sam Walton and Bud Walton in Rogers, Arkansas. Walmart is the world’s biggest retailer with about 2.3 million associates worldwide, 10,500 retail units under 48 banners in 24 countries.
The retail corporation had net sales of $341.0 billion for fiscal 2020, representing 66% of their fiscal 2020 consolidated net sales, and had net sales of $318.5 billion and $331.7 billion and for fiscal 2018 and 2019, respectively.
Walmart’s corporate strategy is divided into four categories which are dominance in the retail market, growth in the United States and international markets, creation of positive brand and company recognition, and branch out into new retail sectors. Its corporate management strategy incorporates selling high quality and brand name product at the lowest price.
The retail corporation lowers costs to keep low prices using advanced electronic technology and warehousing. It also negotiates deals for merchandise straight from manufacturers, abolishing the middleman. Walmart offers general merchandise such as household needs, health and beauty aids, electronics, family apparel, toys, jewellery, crafts, fabrics, lawn and garden, and shoes. The retail corporation also operates a pharmacy department and photo processing centre.