THE WALTONS/ INSIDE AMERICA'S RICHEST FAMILY - November 15,
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Walmart has historically struggled to make inroads with the urban-dweller demographic, and its number of stores in urban areas remains low. Walmart's acquisition of Jet allows it to chase a more specific consumer: For the latter, Jet partnered with the startup Latch to install keyless systems for delivery workers to enter apartment buildings and leave packages.
That said, don't expect to be able to pick up a Jet order or drop off a Jet return at a Walmart store.
Because the customers overlap so little, that integration is not high on the priority list, and the experiences are being kept separate — for now. This new mandate also lets Jet chase wealthier shoppers, and it's stepping up its efforts to curate the broad assortment of Walmart and Jet products to do so. Products from Walmart's recently acquired e-commerce brands — namely ModCloth and Bonobos — will both be available on Jet.
It's the "best of both worlds," Echegoyen said. Uniquely J organic, fair-trade, Peruvian coffee. The label will offer things like coffee, olive oil, laundry detergent, and paper towels, with other categories on the way. It might be more useful to think of what Jet has changed about Walmart, instead of the other way around. And a large reason for that is Jet. Jet can act as an innovation pilot for Walmart, and it was the genesis of some of Walmart's bolder new initiatives.
For example, Walmart's new associate-delivery program — where a Walmart employee will deliver your order to your doorstep on their way home — was "home-brewed" at Jet, with the idea that distribution-center workers would deliver goods.
First there was the bread bowl. That made for one happy soup eater. But now, there is the bacon bowl. The package is one hundred percent correct. Everything does taste better in a bacon bowl.
They even give you delicious suggestions on how to use the bacon bowls. You can put mac and cheese in it, a burger, a B. T or even dessert. A dessert bacon bowl? I am not too sure about that one but I trust the masters.
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Bikini Bottom in your own home This is the best thing ever! Now you can have Sponge Bob Square Pants themed aquariums in your very own home! This will be the coolest aquarium on the block. Thunder has come into town for a visit. And the similarities are just uncanny. Mom and Dad must be so happy to have both Dr.
And they are both doctors! Their parents must be beaming! But in all seriousness I assume Dr. Thunder right about now. Thunder is running for the hills.
This is what America has come to. This is the new single serving. Even if this was the family size it is still way too big! Maybe for a family of ten. Serving sizes have been getting bigger and bigger. Walmart has taken on the super size trend. Nutella forever Oh that Nutella shaped purse is so cute! I would totally wear that out. That is actually 5 kilograms of Nutella. We take it back. This is very very good for you! Honestly Nutella is always on your shopping list.
It is forever running out. So why not just get the full 5kg? That will last about a week, right? She is truly a style doll. If their makeup is on fleek and your eyelashes way too big for your face then you too can be draped in diamonds just like Barbie. There is about four massive rocks dangling from each of her ears not to mention two diamond necklaces. When alligators serve us all Why hold your toilet paper in a regular boring old toilet paper stand when an actual alligator can hold your toilet paper for you!
These alligator toilet paper holders might give you a little bit of a fright in the middle of the night. The box says that it looks great with any decor. I need a money man The woman or man that wears this shirt may seem like a gold digger.
But this is really just plain old sound advice. It is more likely for your relationship to go further if your significant other has a steady income. It just says your looking for only one thing. And lets be honest, even if you are a gold digger. Or kids might be too afraid to crush Dora and will refuse to sit on top of her. The genius part of this whole car seat is the clever two seperate cup holder stations.
Because one is never enough. I do, Walmart Why bother spending thousands while getting a headache from picking out the perfect bling when you can just head over to your local Walmart and spend a maximum of ten dollars on both your engagement and wedding rings. That is two for the price of one. Why not just get down in the middle of Walmart and declare your everlasting love. Step away monkey Fight monkey butt with this easy anti monkey butt and anti friction powder. It even has calamine in it!
The Waltons are beginning to think big, however. The money is to be used to create an undergraduate honors college and endow graduate programs. Some deride the Waltons for making that gift a matching grant, even though the university wanted it that way. But higher education really isn't the Waltons' priority. So we began to look at K actually while he was still alive. For now, the great bulk of that goes to what John calls school reform, an umbrella term that refers to a controversial variety of programs--vouchers and charter schools, for instance--that aim at providing families with freedom and funding to pick schools, public or private, that they believe best suit their children.
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Critics say these efforts undermine public schools, but John contends that it is the only way to effect change. We aren't trying to change public schools, we are trying to change the education environment so that public schools have to change for the better.
To some, this sounds like the successful businessman who's just bought a professional sports franchise and pledges to apply the rational rules of business to sport. The largest single recipient of Walton foundation money in K education has been the Children's Scholarship Fund, a nonprofit organization that John co-founded five years ago with Ted Forstmann, the colorful Wall Street buyout artist.
More than 62, children in 38 cities and towns across the country have received scholarships from CSF. Brother Jim Walton is on the board too. What part of the Army?
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Why did you do that? Like many Vietnam vets, John is reluctant to talk about the war. Later I dug around and discovered that John's experiences were a whole lot more than just your basic tour of duty. John was a Green Beret, part of a unit code-named the Studies and Observations Group, or SOG cover for "special operations group"a secret, elite military unit whose operatives would be disavowed by the U.
SOG often conducted actions behind enemy lines and in Laos and Cambodia. John joined the unit inright after the Tet offensive. On almost every mission there was a firefight. John was the commando team's No. In a memoir titled Across the Fence: Soon the six-man team was surrounded.
One was dead and three were wounded. John tended to casualties, including Boggs, who was knocked semiconscious by shrapnel, and Tom Cunningham, who was badly hurt. John Walton applied a tourniquet to my leg to stop the severe hemorrhaging," recalls Cunningham today. John called in two choppers for extraction. As the first Kingbee dropped in and lifted off with some of the men, the NVA intensified its assault. A second chopper was needed to get all the men out, but the landing zone was too hot to make it in.
Walton and his team thought they were doomed, but suddenly the first chopper came back down, even though their added weight might make it too heavy to take off again. With the enemy advancing into the clearing, firing at the helicopter, and Walton trying to keep Cunningham alive, the Kingbee took off and barely made it over the treetops. Cunningham and Boggs survived, though Cunningham lost his leg. That night while John was playing poker, someone pointed out that he had a flesh wound across his right wrist.
A round fired by the NVA soldier John had killed had creased his skin. Later John was awarded the Silver Star. Sam and the family wanted John to join Wal-Mart, but the only job John felt comfortable with was as company pilot. Even that proved too confining. John set out on his own and started a crop-dusting business in Texas and Arizona. Crop-dusting may sound like an innocent enough occupation, but it's actually sort of an excuse to fly daredevil tricks in a single-engine aircraft all day.
It's also kind of like doing bombing runs over and over. You swoop down way low over Farmer Brown's alfalfa field--nearly touching the leafy green for half a mile or so--and then pull up, up, up to clear the wires at the end of the field. Crop-dusting was a fine way for John to reacclimate himself to civilian life, but there are only so many years a man can do that. Next, the sea called him. We built trimaran sailboats. The company is still going. An Australian bought it several years ago.
Eventually, though, Wal-Mart pulled John back. Dad was still alive. I had been running the flying services and the boat-building operation for a while, and was starting to do some other investments, and had been making some trips with Dad, and he asked me whether I'd be interested in being on the board.
I jumped at the chance. He bought another boat company, called Pearson Yachts, which makes high-end motorboats--though what really attracted him to the company was a subsidiary that made turbine blades for wind farms. That division has been spun off; it's now making blades for Mitsubishi and, according to John, "doing some prototype work for the government in composites for military vehicles and that sort of thing.
One of Pearson's newest models is named True North, by the way. No matter where his life leads, John won't forget Vietnam, even if he doesn't want to talk about it. Late last fall a private jet landed at a small airport in Fargo, N. The jet was John Walton's. It was the least John could do years ago it was Thinh in his Kingbee who came back to pick up Walton and just barely made it over the trees on that bloody morning in the A Shau Valley.
John is a guy who voluntarily traveled to hell, is lucky to be alive, and now is one of the richest people on the planet. Maybe that's where his commitment comes from. Maybe that's why he's driving down that Mississippi highway.
Almost everyone here had some sort of personal tie to the President, and now he was coming back to them on this momentous day--the dedication of Northwest Arkansas's brand-new airport call letters XNA. Many folks had said it couldn't be done; they'd been trying to build an airport here since the s.
The President stepped off Air Force One and spoke: I would like to pay a special tribute to the people who were particular squeaky wheels to me--starting with Alice Walton, who wore me out. Not long ago I visited with Alice Walton at her remote cabin deep in the woods of Arkansas, high over a river with a stunning view.
Alice, 55, was recovering from a cold "She's on the go all the time," says one of her advisors. The roads and the airport. And we accomplished that. Bentonville and all of Northwest Arkansas are booming.
That has everything to do with the success of Wal-Mart, but it's also because you can finally get there. Alice Louise Walton is Sam and Helen's youngest child and only daughter, and as such has always been someone special in the family.
Like her dad, Alice is headstrong. He knew how to take risks. I'd like to think that I have some of that," she says, suddenly tearing up. Companies headquartered around Bentonville now produce more than 2. They say if you can't find a job here, you aren't getting off your couch. Bentonville is joining other company towns like Hershey, Pa. Walton money and power had been there for decades, but it wasn't untilwhen Alice Walton began to marshal these forces, that the town began to truly profit from their presence.
Walking through the Arkansas woods, Alice tells me about the region and its history. An attractive woman with longish, straight hair, Alice looks a bit like her mother.
She has an infectious laugh and a fully developed sense of humor, which she turns to often. She wears her emotions on her sleeve and isn't afraid to look you dead in the eye and speak her mind. In a way, Alice's life has come full circle. She started out as a small-town girl in Bentonville who loved nothing more than playing outdoors and riding her horses.
Today, after several decades of high-stakes business--with some ups and downs--she has returned to her horses. Does she miss the business life?
It wasn't a perfect fit. She moved to New Orleans, was married for a time, and took a job as a broker with E. In the SEC accused Alice--then a year-old broker--and 11 other Hutton employees in eight cities of making "unsuitable" option trades for customers.
In a letter Alice wrote to the SEC on April 18,she denied that she violated any laws but accepted a settlement "to avoid protracted litigation. By the mids Alice had moved back to Northwest Arkansas to raise cutting horses, which are trained for a competition in which riders in a ring compete to separate cattle singly from a herd.
Alice got involved in her family's businesses, establishing and running an investment brokerage operation at Arvest. Then, one morning inthere was a great tragedy. Alice struck and killed a woman who stepped in front of her car as she was driving to work. To this day she is visibly shaken when that event is mentioned. Alice formed her own investment company, called Llama named after a llama that J.
Hunt bought for herusing money from Walton Enterprises and some from her own pocket. Llama underwrote bonds and provided asset management for other financial institutions. And from her catbird seat as head of Llama, Alice became a one-woman whirlwind during the next ten years, focusing her energies on lifting the economy of Northwest Arkansas.
InAlice became the first chairperson of the Northwest Arkansas Council, which brought together men like her father, J. Hunt, and Don Tyson. Sam Walton reminded the committee that Wal-Mart paid billions of taxes and said that if the feds sent some money back to improve infrastructure, the company would grow and pay more taxes. Meanwhile, Alice was working the airport angle.
Fayetteville had a small facility, but its cancellation rate was three times the national average, mostly because of a bad fog problem. Wal-Mart vendors had to come in a day in advance to make sure they wouldn't miss their meetings. I remember one newspaper headline: So did seven local municipalities.
Tens of millions of dollars needed to be raised. Then there was the small matter of persuading the airlines to fly there. Crandall came around, though, and American was the first airline to fly to XNA. Raising money got hairy. Wall Street wasn't very receptive. Today nearly half a million passengers a year pass through the Alice Walton Terminal Building.
And as they walk up to the escalator, they come to a bronze bust of Alice and an inscription that tells the airport's story.
If Alice's development projects were successes, her record with Llama was mixed. At its peak Llama had some 90 employees, but critics say it suffered from high turnover and a shifting focus.
The bond market crash in the summer of didn't help. That same year there was another unfortunate episode in Alice's personal life: In January she was arrested for driving under the influence of alcohol. Alice moved to a 3,acre ranch in central Texas--Walton's Rocking W Ranch--to raise cutting horses full-time including a mare named Walsmart. Soon after, Llama closed its doors. Alice has been doing charity work in Texas, sending kids to museums in Fort Worth, fighting the pollution of a local river, and supporting equine causes.
The faith-based, nondenominational camp will bring together children of all income levels--including children of the fast-growing Hispanic population in the area. There will be scholarships for poor kids, which they have to earn though community service or by improving grades. The nonprofit camp, expected to open inwill serve as many as 2, children each summer.
Would you open more camps, I ask her? Winthrop Rockefeller was the fourth son of John Jr. A hard-living type who had little luck in school or business he was dyslexicWin Rockefeller settled in Arkansas to hide.
But as the years went by, he emerged as one of the state's greatest benefactors. He began with a successful farm and eventually was elected governor, serving two terms from to During his tenure he completed the desegregation of Arkansas schools and reformed the state prison system.
He also founded the Winthrop Rockefeller Foundation to fund education and public health in his adopted state. Even more than a benefactor, though, Win Rockefeller was a leader. He championed causes and spent freely on them.
Not bad for a black sheep. Every great fortune in this country seems to go through a cycle. A hard-charging entrepreneur creates a company hailed as a great American success story. As the company grows larger, its image changes into that of a bully that abuses its scale and power.
Meanwhile, the founder accumulates vast wealth. A major philanthropic effort follows, partly because the founder can't possibly spend all that money, partly because he feels an obligation to address society's ills, and partly to rehabilitate or elevate a family's legacy.