Wal-Mart is one of the most impressive success stories in the history of business.
Founded some 50 years ago as a single five and dime store in a small Arkansas town, it has grown into a world-wide behemoth under the leadership of its brilliant founder, the late Sam Walton, and his able successors.
It is the largest corporation in America in terms of sales, $245 billion. Wal-Mart has over 4,000 stores worldwide, employs 1.3 million people, and serves 100 million customers per week.
It is quite true that Wal-Mart has been successful in outcompeting other stores which sell the same products, such as toys, clothing, and groceries.
But how has it been able to do this? By discovering new ways of using computer systems and other technology to better manage its inventory and costs and reap the benefits of economy of scale.
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