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Part 49. Sam Walton (continued)
TL;DR
Sam Walton faced a significant setback. He lost the lease to his successful Ben Franklin store due to not having a renewal clause. His landlord pressured him into selling. Learning from this, he sold his smaller department store. With his wife Helen, he left Newport for Bentonville. There, he innovated retail with a self-service model in his new variety store. Which became the foundation for Walmart. Sam and his brother Bud went all-in on a Ben Franklin franchise. It served as the anchor for a shopping center development in Kansas City. Shopping centers were the next big thing. Sam lost $25 K after backing out of another shopping center deal. A tornado hit the Kansas City shopping center. It was later rebuilt. He expanded his retail empire by reinvesting. He hired talented managers, making them limited partners. Discount retail pioneers inspired Walton. He adapted and integrated these concepts into his strategy. He wanted to partner with his existing franchise...