1) Walmart began as a single discount store founded by Sam Walton in 1962 and grew to become the largest retailer in the world through a strategy of low prices, efficient supply chain management, and expansion into new store formats like Sam's Club warehouses and Supercenters. 2) By 1994, Walmart had over 1,900 discount stores and was expanding aggressively into new markets, with Supercenters and Sam's Clubs becoming major drivers of growth. 3) Walmart's low-cost business model and ability to pressure suppliers on price gave it a strong competitive advantage over rivals in the retail industry.