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Wal-Mart's German Misadventure |
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Background Note
By 1967, Wal-Mart had 24 stores with sales of $12.6 million. Encouraged by the early success of Wal-Mart, Sam Walton expanded Wal-Mart's operations to Oklahoma and Missouri in 1968. In the following year, Wal-Mart was incorporated as a company under the name Wal-Mart Stores Inc.
In 1977, Wal-Mart acquired 16 Mohr-Value stores based in Michigan and Illinois. In 1978, it purchased the Hutcheson Shoe Company, and later set up pharmacy, auto service center, and jewelry divisions. The number of stores increased to 640 with annual sales of $4.5 billion and profits of over $200 million by 1984. In the 1980s, strong customer demand in small towns drove the rapid growth of Wal-Mart.
It was originally a joint venture with Cullum Companies (a Dallas-based supermarket chain). In the following year Wal-Mart bought out Cullum's stake in the venture. The Hypermart was a discount store/supermarket chain, which sprawled over 200,000 sq ft. It featured branch banks, fast food outlets, photo developers and playrooms for shoppers'children. This concept was later retooled as Wal-Mart's Supercenters...
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