Based on the information, help me create a slide for a presentation which cover the following:

Wal-Mart's Discount Stores History Although Wal-Mart Stores was incorporated in 1969, it was rooted in the variety store-franchised by Ben Franklin-that Sam Walton had opened in Newport, Arkansas, in 1945. Through 1962, Sam Walton and his brother, Bud, built up a chain of 16 variety stores in rural Arkansas that was considered Ben Franklin's most successful franchisee. But regional entry by discount stores increasingly worried Sam Walton; competitive pressure eventually led him to travel the country, scouting retailing alternatives. Despite the conventional wisdom that a full-line discount store needed a population base of at least 100,000, Walton became convinced that discounting could work in small Southwestern towns. In his words, "If we offered prices as good or better than stores in cities that were four hours away by car, people would shop at home."2 Since Ben Franklin was unresponsive, Walton set out to build his own discount chain. By 1970, Walton had steadily expanded his chain to 30 discount stores in rural Arkansas, Missouri, and Oklahoma. But the cost of goods sold-almost three-quarters of discounting revenues-rankled. As Walton put it: Here we were in the boondocks, so we didn't have distributors falling over themselves to serve us like competitors in larger towns. Our only alternative was to build our own warehouse so we could buy in volume at attractive prices and store the merchandise.3 Since warehouses, at $5 million or more apiece, were rather capital-intensive, Walton took the company public and raised $3.3 million. After 1970, Wal-Mart's discount operations mushroomed. At the end of 1985, Wal-Mart operated 859 "Discount City" stores, with distribution centers in five locations. (Exhibit 4 traces the pattern of store expansions, and Exhibit 5 maps Wal-Mart's discounting network at the end of 1985.) In describing the pattern of expansion, David Glass (later Wal-Mart's president and chief operating officer) said, "We are always pushing from the inside out. We never jump and then backfill."4 1986, Wal-Mart planned to add another 115 discount stores to its network During Well over half of Wal-Mart's stores were still located in towns with populations between 5,000 and 25,000, a higher proportion than the rest of the industry. About one-third of Wal-Mart's stores were located in metropolitan areas or counties that were not served by any of Wal-Mart's competitors. The comparable figure for other discounters in the states in which Wal-Mart operated was 12%. In locations where it was alone, Wal-Mart often commanded an unmatched 10%-20% of total retail sales Increasingly, however, Wal-Mart had turned to more densely populated areas for growth. The average size of a Wal-Mart store had increased from 42,000 square feet in 1975 to 47,000 square feet by 1980 and 57,000 square feet by 1985. In 1985, new Wal-Mart stores averaged 63,000 square feet- about the same size as the other discount stores being opened in the same regions. Increases in average size reflected, in part, Wal-Mart's development of 85,000- to 100,000-square-foot stores in order to penetrate mid-sized cities and encircle larger ones. Wal-Mart expected that eventually a quarter of its stores would exceed 85,000 square feet.5 Wal-Mart's competitors had come to notice that over the 1975--1985 period, population had faster in the Sunbelt than in the rest of the United States, and in nonmetropolitan areas than in metropolitan ones. As a result, they had begun to encroach on Wal-Mart's sales territories; K mart, for example, competed in over half of them by 1985. In an attempt to mitigate competition, Wal-Mart was testing 30,000-square-foot stores for towns with populations between 1,000 and 5,000. Company spokespeople claimed that stores of this size would open up 1,000 locations in areas previously considered saturated. grown Industry overview 1. How expansion of the industry and attractiveness affected the case 1. Before walmart era 2. Industry norms Wal-Mart's Discount Stores History Although Wal-Mart Stores was incorporated in 1969, it was rooted in the variety store-franchised by Ben Franklin-that Sam Walton had opened in Newport, Arkansas, in 1945. Through 1962, Sam Walton and his brother, Bud, built up a chain of 16 variety stores in rural Arkansas that was considered Ben Franklin's most successful franchisee. But regional entry by discount stores increasingly worried Sam Walton; competitive pressure eventually led him to travel the country, scouting retailing alternatives. Despite the conventional wisdom that a full-line discount store needed a population base of at least 100,000, Walton became convinced that discounting could work in small Southwestern towns. In his words, "If we offered prices as good or better than stores in cities that were four hours away by car, people would shop at home."2 Since Ben Franklin was unresponsive, Walton set out to build his own discount chain. By 1970, Walton had steadily expanded his chain to 30 discount stores in rural Arkansas, Missouri, and Oklahoma. But the cost of goods sold-almost three-quarters of discounting revenues-rankled. As Walton put it: Here we were in the boondocks, so we didn't have distributors falling over themselves to serve us like competitors in larger towns. Our only alternative was to build our own warehouse so we could buy in volume at attractive prices and store the merchandise.3 Since warehouses, at $5 million or more apiece, were rather capital-intensive, Walton took the company public and raised $3.3 million. After 1970, Wal-Mart's discount operations mushroomed. At the end of 1985, Wal-Mart operated 859 "Discount City" stores, with distribution centers in five locations. (Exhibit 4 traces the pattern of store expansions, and Exhibit 5 maps Wal-Mart's discounting network at the end of 1985.) In describing the pattern of expansion, David Glass (later Wal-Mart's president and chief operating officer) said, "We are always pushing from the inside out. We never jump and then backfill."4 1986, Wal-Mart planned to add another 115 discount stores to its network During Well over half of Wal-Mart's stores were still located in towns with populations between 5,000 and 25,000, a higher proportion than the rest of the industry. About one-third of Wal-Mart's stores were located in metropolitan areas or counties that were not served by any of Wal-Mart's competitors. The comparable figure for other discounters in the states in which Wal-Mart operated was 12%. In locations where it was alone, Wal-Mart often commanded an unmatched 10%-20% of total retail sales Increasingly, however, Wal-Mart had turned to more densely populated areas for growth. The average size of a Wal-Mart store had increased from 42,000 square feet in 1975 to 47,000 square feet by 1980 and 57,000 square feet by 1985. In 1985, new Wal-Mart stores averaged 63,000 square feet- about the same size as the other discount stores being opened in the same regions. Increases in average size reflected, in part, Wal-Mart's development of 85,000- to 100,000-square-foot stores in order to penetrate mid-sized cities and encircle larger ones. Wal-Mart expected that eventually a quarter of its stores would exceed 85,000 square feet.5 Wal-Mart's competitors had come to notice that over the 1975--1985 period, population had faster in the Sunbelt than in the rest of the United States, and in nonmetropolitan areas than in metropolitan ones. As a result, they had begun to encroach on Wal-Mart's sales territories; K mart, for example, competed in over half of them by 1985. In an attempt to mitigate competition, Wal-Mart was testing 30,000-square-foot stores for towns with populations between 1,000 and 5,000. Company spokespeople claimed that stores of this size would open up 1,000 locations in areas previously considered saturated. grown Industry overview 1. How expansion of the industry and attractiveness affected the case 1. Before walmart era 2. Industry norms