Wal-Mart Stores / WMT
About Wal-Mart Stores
702 SW 8th St., Bentonville, Ark. 72716
www.walmartstores.com
| 479-273-4000
| Founded: 1962
Industry: Retail | Category: Major Employers Not Based in the Region
Wal-Mart's "everyday low prices" strategy has spurred its phenomenal growth from a little-known store in Bentonville, Ark., to a retailing behemoth that transformed the industry. But Wal-Mart has had a trying year.
It seems the retailer has been attacked from all sides, even from within. Former vice chairman Thomas M. Coughlin pleaded guilty to fraud and tax charges, admitted that he stole money, gift cards and merchandise, and faces 28 years in prison. Then there was the movie, "Wal-Mart: The High Cost of Low Price," that portrayed the company as a tyrant in relentless pursuit of profits.
One of the most significant problems for Wal-Mart is a slate of health-care bills gaining momentum in states across the country that mandate how much the retailer must spend on benefits. Maryland last year became the first state to enact such a law, which requires companies that employ more than 10,000 workers to spend 8 percent of payroll on health benefits or contribute to a state insurance program for the poor. Wal-Mart is the only company in the Maryland that does not meet that requirement, and the retailer had vehemently fought against the bill and is battling similar bills in other states. It has announced plans to revamp its health-benefits package, although details remained sketchy.
Wal-Mart's sales figures over the past year have been sluggish despite massive promotions during the holiday season.
The retailer is taking steps to stem the tide. It is planning to remodel its stores and its merchandise to look slightly more upscale. It is introducing organic food and "sustainably caught fish."
Still, Wal-Mart is holding fast to its core strategy. It continues to open stores at a rapid pace, setting a company record in January with 69 new retail locations. It plans 555 more over the year.
2005 Financial Data
Total employees: 1,700,000 | Local employees: 8,500Did You Know
Wal-Mart Stores, the world's largest retailer, operates more than 3,800 discount stores in the United States, including 34 stores in Washington's Maryland and Virginia suburbs, but none in the District. It owns 2,400 more stores in 15 other countries, as well as Sam's Club warehouse stores.
