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The Wal-Mart Decade: How a New Generation of Leaders Turned Sam Walton's Legacy Into the World's #1 C
Documents the achievements of Wal-Mart throughout the past ten years, revealing how the company survived the death of CEO Sam Walton and explaining the strategies and decisions that enabled it to become one of America's Fortune 500 companies. 75,000 first printing.
256 pages, Hardcover
First published June 2, 2003
7 people are currently reading
50 people want to read
About the author
Robert Slater
86 books12 followersRobert Slater was an American author and journalist known for over two dozen books, including biographies of political and business figures such as Golda Meir, Yitzhak Rabin, George Soros, and Donald Trump.
Slater was born in Manhattan and grew up in South Orange, New Jersey. He graduated from Columbia High School in 1962 and graduated with honors from the University of Pennsylvania in 1966, with a degree in political science. In 1967 he received a master's degree in international relations from the London School of Economics. He worked for United Press International (UPI) from 1969 to 1971 before moving to Jerusalem, where he worked for UPI until 1974; and for Time magazine in Jerusalem from 1976 to 1996. From 1987 and 1990 he was chairman of the Foreign Press Association in Israel. In his later years he was a columnist for The Jerusalem Report, and mentored young journalists at The Jerusalem Post. He lived for much of his life in Israel, and with his wife, Elinor, co-authored the books Great Jewish Women and Great Jewish Men.
Slater was born in Manhattan and grew up in South Orange, New Jersey. He graduated from Columbia High School in 1962 and graduated with honors from the University of Pennsylvania in 1966, with a degree in political science. In 1967 he received a master's degree in international relations from the London School of Economics. He worked for United Press International (UPI) from 1969 to 1971 before moving to Jerusalem, where he worked for UPI until 1974; and for Time magazine in Jerusalem from 1976 to 1996. From 1987 and 1990 he was chairman of the Foreign Press Association in Israel. In his later years he was a columnist for The Jerusalem Report, and mentored young journalists at The Jerusalem Post. He lived for much of his life in Israel, and with his wife, Elinor, co-authored the books Great Jewish Women and Great Jewish Men.
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January 1, 2019
Objective Summary
In his 2003 book and with access to top management, Slater tries to answer this question: “How has the subsequent generation of Wal-Mart leadership turned the company into the most successful company in the world despite the departure of its founder Sam Walton a decade earlier [in 1992].” Slater explores Wal-Mart’s rise from a single store in Rogers, Arkansas circa 1962 to the international juggernaut it became by the turn of the century. Though still a powerful and profitable company, Wal-Mart’s increased competition from online retailers (read Amazon) goes unmentioned by Slater.
Wal-Mart’s success started with its founder. Samuel Walton Moore was born March 29, 2018 in Kingfisher, Oklahoma. The depression era instilled in him a sense of frugality and competitiveness that he maintained throughout his life. “From an almost irrational self-confidence evolved a decisiveness that made Walton one of the great artists of business execution.” He was a franchisee of Ben Franklin’s five and dime stores before opening his first Wal-Mart in 1962. In 1970, almost $2 million in debt despite from rapid expansion of his profitable stores, Walton took Wal-Mart public. By 1979, Wal-Mart had 276 stores; 21,000 employees; and $1 billion in annual revenue. Wal-Mart focused on serving customers in rural areas by selling a high volume of a wide variety of products at everyday low prices. At the time, major retailers operated only in large cities and used temporary discounts to lure customers into stores. Walton’s wife, Helen, made him promise they would always live in a small town, which contributed greatly to his focus on rural areas. The home office is still in Bentonville, Arkansas. Walton ruthlessly homed in on costs, then reduced or eliminated them. With lower costs, he sold his products at discounted prices—always. He focused on corporate culture and the importance of satisfying customers. He kept a low personal and corporate profile to avoid unwanted attention from competitors, regulators, and the media. Walton was likeable and charismatic. He would habitually greet anyone who approached within 10 feet. He visited stores as often as possible and held internal weekly meetings every Saturday morning to disperse information about the company—both its shortcomings and successes. Walton implemented “QMI” or quick market intelligence at the meetings by speaking with employees and monitoring competitors. He resisted any expenses that he could not see directly impacting customers. He had limited, or no, departments dedicated to public relations, human resources, or government relations. He adopted new technologies, like computers and automation, but with resistance. Walton was a merchandiser, promoter, communicator, and risk-taker. His formula worked. By 1985, Walton was the richest man in America, and Wal-Mart was rapidly approaching and surpassing the sales of other retailers like Woolworth’s, JC Penney, Kmart, and Target. By 1992, Walton died of cancer, and a new generation of leaders assumed the stewardship of Wal-Mart.
Wal-Mart’s success continues with its founder’s replacements. Walton’s eldest son, Rob Walton, worked at Wal-Mart as a lawyer who focused on real estate and international expansion. Rob served as Chairman of the Board after his father passed, and one of his three siblings (John, Jim, and Alice) also served on the Board. According to Slater, the Walton’s owned 61% of Wal-Mart’s stock at the time of his book (and a recent internet search shows the family continues to own about 50% of the stock). But management of the company was left in the hands of a competent team of executives who had come up through the company. As CEO, David Glass succeeded Walton, and Lee Scott succeeded Glass. In the 10 years after Walton’s death, Wal-Mart continued to grow quickly and successfully. The difficulty for the generations of leaders following Walton was deciding how much of his original vision to keep and when that vision needed updating. Glass and Scott agreed that maintaining a culture laser-focused on the customer and sprinkled with positivity and happiness was important. Glass and Scott continued to lead the “Wal-Mart cheer” at the beginning of shareholder meetings and stores around the world. They also continued the traditions of an open-door policy and continuous improvement. Rather than hiding bad news, they wanted to hear it and address it. David Glass was a risk-taker, logistics and food sales expert, effective manager, embracer of technology, growth king, and fearless decisionmaker. He expanded Wal-Mart’s store count rapidly with a focus on supercenters, opening hundreds per year. Don Soderquist was COO and Vice Chairman who served while Glass was CEO. Soderquist maintained the Wal-Mart culture and was an effective cheerleader for the brand and the culture after Walton passed away. Scott, who became CEO after Glass retired, was a logistics expert who came up through the trucking division of Wal-Mart. Scott spearheaded Wal-Mart’s international growth in Canada, Mexico, Argentina, Brazil, the UK, Germany, Japan, Korea, and China. As of 2003, Germany was challenging for Wal-Mart because of the high labor costs, while China was challenging but promising. Canada, Mexico, and the UK were some of Wal-Mart’s more successful international ventures.
Wal-Mart’s continued success after the death of its founder is due to maintaining core competencies and values while adjusting to new realities from unprecedented growth. Walton was able to spend most of his time in stores and personally interacting with his employees. With more than 1.5 million employees spread across 10 countries, Glass and Scott could not possibly maintain the same level of personal contact with employees. So they delegated while still emphasizing the importance of culture. Walton resisted technology as an unnecessary expenditure; Glass and Scott embraced it as a competitive advantage. Walton focused on discount stores in the United States; Glass pushed supercenters and Neighborhood Markets while Scott expanded internationally. Wal-Mart’s very growth and success created new challenges, including a necessary but evil corporate bureaucracy (4,000 store managers report to 350 district managers report to 35 regional vice presidents report to 6 division heads report to head of Wal-Mart Stores and Sam’s Clubs in the United States; and 50 senior vice presidents report to 20 executive vice presidents report to CEO), media exposure and criticism, political interest, and legal challenges from slip and falls to discrimination claims to class-action suits. Wal-Mart expanded its departments for public relations, human resources, and general counsel. They listened to critics and used criticism as an opportunity for introspection and improvement. The results have been continued success as Wal-Mart became the largest company in the world by annual sales around 2001. Wal-Mart also became the first company to top Fortune’s “most admired” and “biggest” lists simultaneously.
Slater wrote this book in 2003 when Wal-Mart was the biggest company in the world with $245 billion in revenue. The 10 companies with the most revenue in 2017 are:
Walmart – $485.9 billion revenue in 2017
State Grid Corporation of China – $315.2 billion revenue in 2017
Sinopec Group – $267.5 billion revenue in 2017
China National Petroleum Corporation – $262.6 billion revenue in 2017
Toyota Motor – $254.7 billion revenue in 2017
Volkswagen – $240.3 billion revenue in 2017
Royal Dutch Shell – $240 billion revenue in 2017
Berkshire Hathway – $223.7 billion revenue in 2017
Apple Inc. – $215.6 billion revenue in 2017
Exxon Mobil – $205 billion revenue in 2017
Outside the top 10, Amazon had revenue of $178 billion, and Alphabet (parent company of Google) had revenue of $111 billion. In other words, Wal-Mart has nearly as much revenue as Apple, Amazon, and Alphabet combined. Wal-Mart, for the win.
Subjective Thoughts
This book is only ok because it is repetitive despite its short length. It is favorable towards Wal-Mart, and I like that. Wal-Mart was my first employer, and they treated me well. I am still a loyal customer today despite criticisms from competitors, labor unions, and morons on social media who know nothing of business. Wal-Mart is undeniably and overwhelmingly a force for good. Their efficiency has raised the standard of living for countless Americans and people around the world while reducing humanity’s environmental footprint. That’s what efficiency does. Who has a greater incentive than Wal-Mart to transport goods as easily and inexpensively as possible? Reductions of waste make life better and cleaner for all. Wal-Mart is not perfect. But the standard for any person or company cannot be perfection. And I would happily put Wal-Mart’s record up against the record of any other entity.
Revealing Quotes
“Sam Walton thought of business as a simple exercise, so he kept his strategies uncomplicated: buy cheaply, sell cheaply, keep your shelves well stocked, treat your customers with warmth and respect, and pay careful attention to what your rivals are doing right.”
“In its most elementary form, the culture consisted of Three Basic Beliefs:
1) respect for the individual;
2) service to the customers; and
3) striving for excellence.”
“[Sam Walton’s 10 rules of business are:]
Commit to your business
Share your profits with all your Associates, and treat them as partners
Motivate your partners
Communicate everything you possibly can to your partners
Appreciate everything your Associates do for the business
Celebrate your success
Listen to everyone in your company
Exceed your customers’ expectations
Control your expenses better than your competition
Swim upstream”
In his 2003 book and with access to top management, Slater tries to answer this question: “How has the subsequent generation of Wal-Mart leadership turned the company into the most successful company in the world despite the departure of its founder Sam Walton a decade earlier [in 1992].” Slater explores Wal-Mart’s rise from a single store in Rogers, Arkansas circa 1962 to the international juggernaut it became by the turn of the century. Though still a powerful and profitable company, Wal-Mart’s increased competition from online retailers (read Amazon) goes unmentioned by Slater.
Wal-Mart’s success started with its founder. Samuel Walton Moore was born March 29, 2018 in Kingfisher, Oklahoma. The depression era instilled in him a sense of frugality and competitiveness that he maintained throughout his life. “From an almost irrational self-confidence evolved a decisiveness that made Walton one of the great artists of business execution.” He was a franchisee of Ben Franklin’s five and dime stores before opening his first Wal-Mart in 1962. In 1970, almost $2 million in debt despite from rapid expansion of his profitable stores, Walton took Wal-Mart public. By 1979, Wal-Mart had 276 stores; 21,000 employees; and $1 billion in annual revenue. Wal-Mart focused on serving customers in rural areas by selling a high volume of a wide variety of products at everyday low prices. At the time, major retailers operated only in large cities and used temporary discounts to lure customers into stores. Walton’s wife, Helen, made him promise they would always live in a small town, which contributed greatly to his focus on rural areas. The home office is still in Bentonville, Arkansas. Walton ruthlessly homed in on costs, then reduced or eliminated them. With lower costs, he sold his products at discounted prices—always. He focused on corporate culture and the importance of satisfying customers. He kept a low personal and corporate profile to avoid unwanted attention from competitors, regulators, and the media. Walton was likeable and charismatic. He would habitually greet anyone who approached within 10 feet. He visited stores as often as possible and held internal weekly meetings every Saturday morning to disperse information about the company—both its shortcomings and successes. Walton implemented “QMI” or quick market intelligence at the meetings by speaking with employees and monitoring competitors. He resisted any expenses that he could not see directly impacting customers. He had limited, or no, departments dedicated to public relations, human resources, or government relations. He adopted new technologies, like computers and automation, but with resistance. Walton was a merchandiser, promoter, communicator, and risk-taker. His formula worked. By 1985, Walton was the richest man in America, and Wal-Mart was rapidly approaching and surpassing the sales of other retailers like Woolworth’s, JC Penney, Kmart, and Target. By 1992, Walton died of cancer, and a new generation of leaders assumed the stewardship of Wal-Mart.
Wal-Mart’s success continues with its founder’s replacements. Walton’s eldest son, Rob Walton, worked at Wal-Mart as a lawyer who focused on real estate and international expansion. Rob served as Chairman of the Board after his father passed, and one of his three siblings (John, Jim, and Alice) also served on the Board. According to Slater, the Walton’s owned 61% of Wal-Mart’s stock at the time of his book (and a recent internet search shows the family continues to own about 50% of the stock). But management of the company was left in the hands of a competent team of executives who had come up through the company. As CEO, David Glass succeeded Walton, and Lee Scott succeeded Glass. In the 10 years after Walton’s death, Wal-Mart continued to grow quickly and successfully. The difficulty for the generations of leaders following Walton was deciding how much of his original vision to keep and when that vision needed updating. Glass and Scott agreed that maintaining a culture laser-focused on the customer and sprinkled with positivity and happiness was important. Glass and Scott continued to lead the “Wal-Mart cheer” at the beginning of shareholder meetings and stores around the world. They also continued the traditions of an open-door policy and continuous improvement. Rather than hiding bad news, they wanted to hear it and address it. David Glass was a risk-taker, logistics and food sales expert, effective manager, embracer of technology, growth king, and fearless decisionmaker. He expanded Wal-Mart’s store count rapidly with a focus on supercenters, opening hundreds per year. Don Soderquist was COO and Vice Chairman who served while Glass was CEO. Soderquist maintained the Wal-Mart culture and was an effective cheerleader for the brand and the culture after Walton passed away. Scott, who became CEO after Glass retired, was a logistics expert who came up through the trucking division of Wal-Mart. Scott spearheaded Wal-Mart’s international growth in Canada, Mexico, Argentina, Brazil, the UK, Germany, Japan, Korea, and China. As of 2003, Germany was challenging for Wal-Mart because of the high labor costs, while China was challenging but promising. Canada, Mexico, and the UK were some of Wal-Mart’s more successful international ventures.
Wal-Mart’s continued success after the death of its founder is due to maintaining core competencies and values while adjusting to new realities from unprecedented growth. Walton was able to spend most of his time in stores and personally interacting with his employees. With more than 1.5 million employees spread across 10 countries, Glass and Scott could not possibly maintain the same level of personal contact with employees. So they delegated while still emphasizing the importance of culture. Walton resisted technology as an unnecessary expenditure; Glass and Scott embraced it as a competitive advantage. Walton focused on discount stores in the United States; Glass pushed supercenters and Neighborhood Markets while Scott expanded internationally. Wal-Mart’s very growth and success created new challenges, including a necessary but evil corporate bureaucracy (4,000 store managers report to 350 district managers report to 35 regional vice presidents report to 6 division heads report to head of Wal-Mart Stores and Sam’s Clubs in the United States; and 50 senior vice presidents report to 20 executive vice presidents report to CEO), media exposure and criticism, political interest, and legal challenges from slip and falls to discrimination claims to class-action suits. Wal-Mart expanded its departments for public relations, human resources, and general counsel. They listened to critics and used criticism as an opportunity for introspection and improvement. The results have been continued success as Wal-Mart became the largest company in the world by annual sales around 2001. Wal-Mart also became the first company to top Fortune’s “most admired” and “biggest” lists simultaneously.
Slater wrote this book in 2003 when Wal-Mart was the biggest company in the world with $245 billion in revenue. The 10 companies with the most revenue in 2017 are:
Walmart – $485.9 billion revenue in 2017
State Grid Corporation of China – $315.2 billion revenue in 2017
Sinopec Group – $267.5 billion revenue in 2017
China National Petroleum Corporation – $262.6 billion revenue in 2017
Toyota Motor – $254.7 billion revenue in 2017
Volkswagen – $240.3 billion revenue in 2017
Royal Dutch Shell – $240 billion revenue in 2017
Berkshire Hathway – $223.7 billion revenue in 2017
Apple Inc. – $215.6 billion revenue in 2017
Exxon Mobil – $205 billion revenue in 2017
Outside the top 10, Amazon had revenue of $178 billion, and Alphabet (parent company of Google) had revenue of $111 billion. In other words, Wal-Mart has nearly as much revenue as Apple, Amazon, and Alphabet combined. Wal-Mart, for the win.
Subjective Thoughts
This book is only ok because it is repetitive despite its short length. It is favorable towards Wal-Mart, and I like that. Wal-Mart was my first employer, and they treated me well. I am still a loyal customer today despite criticisms from competitors, labor unions, and morons on social media who know nothing of business. Wal-Mart is undeniably and overwhelmingly a force for good. Their efficiency has raised the standard of living for countless Americans and people around the world while reducing humanity’s environmental footprint. That’s what efficiency does. Who has a greater incentive than Wal-Mart to transport goods as easily and inexpensively as possible? Reductions of waste make life better and cleaner for all. Wal-Mart is not perfect. But the standard for any person or company cannot be perfection. And I would happily put Wal-Mart’s record up against the record of any other entity.
Revealing Quotes
“Sam Walton thought of business as a simple exercise, so he kept his strategies uncomplicated: buy cheaply, sell cheaply, keep your shelves well stocked, treat your customers with warmth and respect, and pay careful attention to what your rivals are doing right.”
“In its most elementary form, the culture consisted of Three Basic Beliefs:
1) respect for the individual;
2) service to the customers; and
3) striving for excellence.”
“[Sam Walton’s 10 rules of business are:]
Commit to your business
Share your profits with all your Associates, and treat them as partners
Motivate your partners
Communicate everything you possibly can to your partners
Appreciate everything your Associates do for the business
Celebrate your success
Listen to everyone in your company
Exceed your customers’ expectations
Control your expenses better than your competition
Swim upstream”
March 18, 2024
Very repetitive hagiography. I always thought it was incidental that Wal-Mart was primarily in low-income rural communities, but apparently it was the business plan to foster a low-class reputation. Besides little tidbits like that, the book just repeated the importance of "culture" and "values", but always kept them vague.
December 12, 2019
Muestra la historia de Walmart y la década tan importante que fue de 1992 a 2002 después se la muerte de Sam Walton y como un nuevo equipo de líderes logro expandir la empresa y a mi entender sacrificando gran parte de la cultura que con tanto empeño logro establecer su fundador.
October 27, 2014
I expected quite a bit from this book, but it was a lot of general stuff peppered with some numbers and mini bios of Lee Scott and Sam Walton.
Most of the story was known to me, and the book didnt do enough to throw light on the changes at Walmart.
All in all - a poor book
Dont waste time on it.
Most of the story was known to me, and the book didnt do enough to throw light on the changes at Walmart.
All in all - a poor book
Dont waste time on it.
Read
December 28, 2011Click here to find it in the catalogue.
Displaying 1 - 5 of 5 reviews