July 2, 1962: Small Town, Big Idea

Some business ideas get rejected because they are bad. Some get rejected because the people doing the rejecting cannot see past the model they are already running.On July 2, 1962, Sam Walton opened the first Wal-Mart Discount City in Rogers, Arkansas, a town of fewer than 6,000 people, after Ben Franklin's corporate leadership turned down his proposal to build large discount stores in rural communities. More than 500 customers were waiting before the doors opened. Customers drove in from forty miles away. Within five years the Walton family owned 24 stores and was bringing in $12.7 million in annual sales. Within a decade Walmart was listed on the New York Stock Exchange.Today the company operates more than 10,500 stores across nineteen countries, and 90 percent of the American population lives within ten miles of one. The store that opened in Rogers became the template for an operation that permanently reshaped how American retail works, who it serves, and where it goes looking for customers.From bsnsHistory, the daily podcast about the moments when business quietly reshaped the world.Written and hosted by Ron Trucks. Research and editing by Rodney Russ. Sound design by Angela Cahoy. Music by Cody Martin and Soundstripe.For more daily business stories, visit www.bsnsDAILYpodcasts.com