Description:
In In Sam We Trust, investigative journalist Bob Ortega exposes the underside of Wal-Mart and defrocks Sam Walton, the founder of the retailing mammoth. Ortega chronicles Walton's rise from a backwater retailer in Arkansas to one of the richest men in the country. While Walton carefully crafted a public image as a regular guy who drove a pickup and wore a name tag at his stores, Ortega paints a different picture of a two-faced and ruthless invader of small-town America. Walton was so stingy that his chain was last among major retailers in charity donations in terms of percentage of earnings. He hurt the downtowns of many communities by building Wal-Marts on the outskirts and capturing up to 75 percent of his sales from the preexisting stores. The late billionaire was obsessed with profits and cutting costs. He pioneered temporary help--a third of Wal-Mart's employees are part-time and the average worker only earns about $7.50 an hour. Even while making a big media splash with a "Buy American" program in the 1980s, Walton quietly expanded his company's Hong Kong staff and continued to import apparel made by cheap child labor in the Third World. But, as Ortega points out, Walton was also a retailing visionary. He saw opportunity long before others and was the first to go big with discount stores in smaller cities and towns. All the while, he stuck to his formula of offering the lowest possible prices and profiting from vast sales volumes. He invested early in computers and satellite communications for his stores. And he raced past competitors such as Sears and Kmart with an incredibly lean and fast distribution system. Ortega, who took a leave from the staff of the Wall Street Journal to write this book, pursued Walton's legacy across America to town squares such as Steamboat Springs, Colorado, which finally succumbed to Wal-Mart, and Greenfield, Massachusetts, where activists blocked the store. He interviewed hundreds of people including many former and top Wal-Mart officials. Ortega even hunts down Wal-Mart's suppliers in Central America to document the exploitation of children in clothing factories. In Sam We Trust is an important work about a man who changed the face of retailing, for better and worse. --Dan Ring
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