Wal-Mart is one of the most extraordinary success stories inbusiness history. Started in 1962 by Sam Walton, Wal-Mart has grownto become the world’s largest corporation. In 2014, the discountretailer— whose mantra is “Everyday low prices”—had sales of morethan $475 billion, close to 11,000 stores in 27 countries, and morethan 2.2 million employees. Some 8% of all retail sales in theUnited States are made at a Wal-Mart store. Wal-Mart is not onlylarge; it is also very profitable. Between 2005 and 2014, thecompany’s average ROIC was 14.1%– better than its well–managedrivals, Costco and Target, which earned 11.8% and 11%,respectively. Wal-Mart’s persistently superior
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