Sol Price
Strategic Concepts & Mechanics
Primary Evidence
"Walton’s children grew up knowing that family vacations would in¬ clude excursions to gather intelligence on competitors’ stores. When he drove his daughter, Alice, to horse shows, his wife assumed that he was staying and watching. In truth, father and daughter had a pact that al¬ lowed him to go off and look at stores while she exhibited her horses. Re¬ tailer Sol Price complained that when he and his wife socialized with the Waltons, Sam unfailingly steered the conversation to such entertaining topics as how to prevent vendors from corrupting buyers with favors. “He was pretty much all business,” Price lamented.81"
"Aside from the question of the size of the targeted marketing area, almost everything about Wal-Mart was borrowed. Walton selected the chain’s name, which was suggested by the manager of his original Bentonville variety store, because of its similarity to “Fed-Mart.” Speaking of that outfit’s founder, Sol Price, Walton said, “I guess I’ve stolen—I actu¬ ally prefer the word ‘borrowed’—as many ideas from Sol Price as from anybody in the business.”70 Two decades after the founding of Wal-Mart, Walton copied Price yet again by launching Sam’s Club stores to compete in the warehouse club category. Price had introduced this deep-discount format, selling everything from food to appliances under one roof, through the Price Club chain in 1976."
"For John Patterson, the vision was more than providing the best cash register; it was keeping employees from stealing from their employers. For Simon Marks, it was to bring high-quality clothing and other merchandise to the masses. For Sol Price, it was to sell the best products at the lowest price. For Les Schwab, it was to give the customer the best service and to provide opportunities for employees to succeed. For Herb Kelleher, it was to bring flying to the masses, with the cheapest fares and best customer service. For Chester Cadieux, it was to provide customers with the greatest convenience. For Ken Iverson, it was to become the most efficient and cheapest steel operator. In every case, all employees knew their company’s mission and embraced it fully."
"John H. Patterson —National Cash Register Simon Marks —Marks & Spencer Sol Price —FedMart & Price Club Les Schwab —Les Schwab Tire Centers Herb Kelleher —Southwest Airlines Chester Cadieux —QuikTrip F. Kenneth Iverson—Nucor 3G partners —Garantia, Lojas Americanas, and Anheuser-Busch InBev"
"Sol Price was a retailing visionary whom Sam Walton (founder of Walmart), Jim Sinegal (cofounder of Costco), and Bernard Marcus (cofounder of Home Depot)"
"Intelligent Fanatic CEO Characteristics CEO Industry Experience Long-Term View Superpower of Incentives Ownership Mind-Set Productive Paranoia Experimentation Decentralized John H. Patterson None ✔ High High High ✔ Yes Simon Marks Minimal ✔ Medium High High ✔ Yes Sol Price None ✔ Medium High High ✔ Yes Les Schwab None ✔ High High High ✔ Yes Herb Kelleher None ✔ High High High ✔ Yes Chester Cadieux None ✔ High High High ✔ Yes Ken Iverson None ✔ High High High ✔ Yes 3G partners None ✔ High High High ✔"
"Robert E. Price, Sol Price: Retail Revolutionary & Social Innovator (San Diego, CA: San Diego"