Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, grocery stores. Headquartered in Bentonville, the company was founded by Sam Walton in 1962 and incorporated on October 31, 1969, it owns and operates Sam's Club retail warehouses. As of January 31, 2019, Walmart has 11,348 stores and clubs in 27 countries, operating under 55 different names; the company operates under the name Walmart in the United States and Canada, as Walmart de México y Centroamérica in Mexico and Central America, as Asda in the United Kingdom, as the Seiyu Group in Japan, as Best Price in India. It has wholly owned operations in Argentina, Chile and South Africa. Since August 2018, Walmart only holds a minority stake in Walmart Brasil, with 20% of the company's shares, private equity firm Advent International holding 80% ownership of the company. Walmart is the world's largest company by revenue—over US$500 billion, according to Fortune Global 500 list in 2018—as well as the largest private employer in the world with 2.2 million employees.
It is a publicly traded family-owned business. Sam Walton's heirs own over 50 percent of Walmart through their holding company, Walton Enterprises, through their individual holdings. Walmart was the largest U. S. grocery retailer in 2019, 65 percent of Walmart's US$510.329 billion sales came from U. S. operations. The company was listed on the New York Stock Exchange in 1972. By 1988, Walmart was the most profitable retailer in the U. S. and by October 1989, it had become the largest in terms of revenue. Geographically limited to the South and lower Midwest, by the early 1990s, the company had stores from coast to coast: Sam's Club opened in New Jersey in November 1989 and the first California outlet opened in Lancaster in July 1990. A Walmart in York, Pennsylvania opened in October 1990: the first main store in the Northeast. Walmart's investments outside North America have seen mixed results: its operations and subsidiaries in the United Kingdom, South America, China are successful, whereas its ventures in Germany and South Korea failed.
In 1945, businessman and former J. C. Penney employee Sam Walton bought a branch of the Ben Franklin stores from the Butler Brothers, his primary focus was selling products at low prices to get higher-volume sales at a lower profit margin, portraying it as a crusade for the consumer. He experienced setbacks because the lease price and branch purchase were unusually high, but he was able to find lower-cost suppliers than those used by other stores and was able to undercut his competitors on pricing. Sales increased 45% in his first year of ownership to US$105,000 in revenue, which increased to $140,000 the next year and $175,000 the year after that. Within the fifth year, the store was generating $250,000 in revenue; when the lease for the location expired, Walton was unable to reach an agreement for renewal, so he opened up a new store at 105 N. Main Street in Bentonville, naming it "Walton's Five and Dime"; that store is now the Walmart Museum. On July 2, 1962, Walton opened the first Walmart Discount City store at 719 W. Walnut Street in Rogers, Arkansas.
The building is now occupied by a hardware store and an antique mall, while the company's "Store #1" has since relocated to a larger discount store and now expanded to a Supercenter several blocks west at 2110 W. Walnut Street. Within its first five years, the company expanded to 24 stores across Arkansas and reached US$12.6 million in sales. In 1968, it opened its first stores outside Arkansas, in Sikeston and Claremore, Oklahoma; the company was incorporated as Wal-Mart, Inc. on October 31, 1969, changed its name to Wal-Mart Stores, Inc. in 1970. The same year, the company opened a home office and first distribution center in Bentonville, Arkansas, it had 38 stores operating with 1,500 sales of $44.2 million. It began trading stock as a publicly held company on October 1, 1970, was soon listed on the New York Stock Exchange; the first stock split occurred in May 1971 at a price of $47 per share. By this time, Walmart was operating in five states: Arkansas, Louisiana and Oklahoma; as the company moved into Texas in 1975, there were 125 stores with 7,500 employees and total sales of $340.3 million.
In the 1980s, Walmart continued to grow and by the company's 25th anniversary in 1987, there were 1,198 stores with sales of $15.9 billion and 200,000 associates. This year marked the completion of the company's satellite network, a $24 million investment linking all operating units with the Bentonville office via two-way voice and data transmission and one-way video communication. At the time, the company was the largest private satellite network, allowing the corporate office to track inventory and sales and to communicate to stores. In 1988, Walton was replaced by David Glass. Walton remained as Chairman of the Board. With the contribution of its superstores, the company surpassed Toys "R" Us in toy sales in 1998. While it was the third-largest retailer in the United States, Walmart was more profitable than rivals Kmart and Sears by the late 1980s. By 1990, it became the largest U. S. retailer by revenue. Prior to the summer of 1990, Walmart had no presence on the West Coast or in the Northeast, but in July and October that year, it opened its first stores in California and Pennsylvania, respectively.
By the mid-1990s, it was far and away the most powerful retailer in the U. S. and expanded into Mexico in 1991 and Canada in 1994
Philadelphia, sometimes known colloquially as Philly, is the largest city in the U. S. state and Commonwealth of Pennsylvania, the sixth-most populous U. S. city, with a 2017 census-estimated population of 1,580,863. Since 1854, the city has been coterminous with Philadelphia County, the most populous county in Pennsylvania and the urban core of the eighth-largest U. S. metropolitan statistical area, with over 6 million residents as of 2017. Philadelphia is the economic and cultural anchor of the greater Delaware Valley, located along the lower Delaware and Schuylkill Rivers, within the Northeast megalopolis; the Delaware Valley's population of 7.2 million ranks it as the eighth-largest combined statistical area in the United States. William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 at the Second Continental Congress, the Constitution at the Philadelphia Convention of 1787.
Several other key events occurred in Philadelphia during the Revolutionary War including the First Continental Congress, the preservation of the Liberty Bell, the Battle of Germantown, the Siege of Fort Mifflin. Philadelphia was one of the nation's capitals during the revolution, served as temporary U. S. capital while Washington, D. C. was under construction. In the 19th century, Philadelphia became a railroad hub; the city grew from an influx of European immigrants, most of whom came from Ireland and Germany—the three largest reported ancestry groups in the city as of 2015. In the early 20th century, Philadelphia became a prime destination for African Americans during the Great Migration after the Civil War, as well as Puerto Ricans; the city's population doubled from one million to two million people between 1890 and 1950. The Philadelphia area's many universities and colleges make it a top study destination, as the city has evolved into an educational and economic hub. According to the Bureau of Economic Analysis, the Philadelphia area had a gross domestic product of US$445 billion in 2017, the eighth-largest metropolitan economy in the United States.
Philadelphia is the center of economic activity in Pennsylvania and is home to five Fortune 1000 companies. The Philadelphia skyline is expanding, with a market of 81,900 commercial properties in 2016, including several nationally prominent skyscrapers. Philadelphia has more outdoor murals than any other American city. Fairmount Park, when combined with the adjacent Wissahickon Valley Park in the same watershed, is one of the largest contiguous urban park areas in the United States; the city is known for its arts, culture and colonial history, attracting 42 million domestic tourists in 2016 who spent US$6.8 billion, generating an estimated $11 billion in total economic impact in the city and surrounding four counties of Pennsylvania. Philadelphia has emerged as a biotechnology hub. Philadelphia is the birthplace of the United States Marine Corps, is the home of many U. S. firsts, including the first library, medical school, national capital, stock exchange and business school. Philadelphia contains 67 National Historic Landmarks and the World Heritage Site of Independence Hall.
The city became a member of the Organization of World Heritage Cities in 2015, as the first World Heritage City in the United States. Although Philadelphia is undergoing gentrification, the city maintains mitigation strategies to minimize displacement of homeowners in gentrifying neighborhoods. Before Europeans arrived, the Philadelphia area was home to the Lenape Indians in the village of Shackamaxon; the Lenape are a Native American tribe and First Nations band government. They are called Delaware Indians, their historical territory was along the Delaware River watershed, western Long Island, the Lower Hudson Valley. Most Lenape were pushed out of their Delaware homeland during the 18th century by expanding European colonies, exacerbated by losses from intertribal conflicts. Lenape communities were weakened by newly introduced diseases smallpox, violent conflict with Europeans. Iroquois people fought the Lenape. Surviving Lenape moved west into the upper Ohio River basin; the American Revolutionary War and United States' independence pushed them further west.
In the 1860s, the United States government sent most Lenape remaining in the eastern United States to the Indian Territory under the Indian removal policy. In the 21st century, most Lenape reside in Oklahoma, with some communities living in Wisconsin, in their traditional homelands. Europeans came to the Delaware Valley in the early 17th century, with the first settlements founded by the Dutch, who in 1623 built Fort Nassau on the Delaware River opposite the Schuylkill River in what is now Brooklawn, New Jersey; the Dutch considered the entire Delaware River valley to be part of their New Netherland colony. In 1638, Swedish settlers led by renegade Dutch established the colony of New Sweden at Fort Christina and spread out in the valley. In 1644, New Sweden supported the Susquehannocks in their military defeat of the English colony of Maryland. In 1648, the Dutch built Fort Beversreede on the west bank of the Delaware, south of the Schuylkill near the present-day Eastwick neighborhood, to reassert their dominion over the area.
The Swedes responded by building Fort Nya Korsholm, or New Korsholm, named after a town in Finland with a Swedish majority. In 1655, a
The Kroger Co. or Kroger, is an American retailing company founded by Bernard Kroger in 1883 in Cincinnati, Ohio. It is the United States's largest supermarket chain by revenue, the second-largest general retailer and the seventeenth largest company in the United States. Kroger is the fifth-largest retailer in the world and the third largest American-owner private employer in the United States. Kroger is ranked #17 on the Fortune 500 rankings of the largest United States corporations by total revenue; as of March 2019, Kroger operates, either directly or through its subsidiaries, 2,764 supermarkets and multi-department stores. Kroger's headquarters are in downtown Cincinnati, it maintains markets in 35 states and the District of Columbia, with store formats that include hypermarkets, superstores, department stores, 253 jewelry stores. Kroger-branded grocery stores are located in Southern United States. Kroger operates 38 food processing or manufacturing facilities, 1,537 supermarket fuel centers, 2,270 pharmacies and 232 The Little Clinic in-store medical clinics.
Kroger's employees are represented by collective bargaining agreements and many are represented by the United Food and Commercial Workers union. In 1883, Barney Kroger invested his life savings of $372 to open a grocery store at 66 Pearl Street in downtown Cincinnati; the son of a merchant, he ran his business with a simple motto: “Be particular. Never sell anything you would not want yourself.” He experimented with making his own products, such as bread, so that customers would not need to go to a separate bakery. In 1884 Kroger opened his second store. By 1902, the Kroger Grocery and Baking Company had been incorporated. By this time, the company had grown to forty stores and sold $1.75 million worth of merchandise each year. In addition, Kroger became the first grocery chain to have its own bakery. In 1916 Kroger company began self-service shopping. Before this all articles were kept behind counters, customers would ask for them, clerks would deliver them to customers. In 1929, it was rumored.
In the 1930s, Kroger became the first grocery chain to monitor product quality and to test foods offered to customers, the first to have a store surrounded on all four sides by parking lots. Beginning in 1955, Kroger began expanding into new markets. In three months, it purchased three supermarket chains: On May 13, Kroger entered the Houston, market by acquiring the Houston-based 26-store chain Henke & Pillot. In June of that same year, Kroger acquired the 18-store Krambo Food Stores, Inc. of the Milwaukee, area. Back Krambo had started building six more stores. In late July, it purchased Inc. of Jacksonville, Texas. Childs had a presence in Arkansas and Louisiana. In January 1956, the company bought out Big Chain Stores, Inc. a chain of seven stores based in Shreveport, Louisiana combining it with the Childs group. All of these chains adopted the Kroger banner in 1966. During all the acquisitions, in September 1957, Kroger sold off its Wichita, store division consisting of 16 stores, to J. S. Dillon and Sons Stores Company headed by Ray S. Dillon, son of the company founder.
In October 1963, Kroger acquired the 56-store chain Market Basket, providing them with a foothold in the lucrative southern California market. Kroger opened stores in Florida under the SupeRx and Florida Choice banners from the 1960s until 1988, when the chain decided to exit the state and sold all of its stores. In the 1970s, Kroger became the first grocer in the United States to test an electronic scanner and the first to formalize consumer research. Although Kroger has long operated stores in the Huntsville-Decatur area of northern Alabama, it has not operated in the state's largest market, since the early 1970s, when it exited as a result of intense competition from Winn-Dixie and local chains Bruno's Supermarkets and Western Supermarkets. Kroger built an ultra-modern dairy plant in Indianapolis in 1972, considered the largest dairy plant in the world. Kroger exited Milwaukee in 1972. Kroger would return in 2015 upon its acquisition of Roundy's. Kroger entered the Charlotte market in 1977 and expanded throughout the 1980s when it bought some stores from BI-LO.
However, most stores were in less desirable neighborhoods and did not fit in with Kroger's upscale image. Less than three months after BI-LO pulled out, that company decided to re-enter the Charlotte market, in 1988, Kroger announced it was pulling out of the Charlotte market and put its stores up for sale. Ahold bought Kroger's remaining stores in the Charlotte area and converted them to BI-LO. Kroger had a number of stores in the Western Pennsylvania region, encompassing Pittsburgh and surrounding areas from 1928 until 1984 when the U. S. began experiencing a severe economic recession. The recession had two related effects on Kroger's operations in the region. One of them was that the cyclical manufacturing-based economy of the region declined in greater proportion than the rest of the U. S. which undercut demand for the higher-end products and services offered by Kroger. The second effect of the economic recession was to worsen labor-management relations, causing a protracted labor strike in 1983 and 1984.
During the strike, Kroger withdrew all of its stores from the Western Pennsylvan
Giant Food (Landover)
Giant Food of Maryland, LLC known as Giant, is an American supermarket chain with 169 stores and 159 full service pharmacies located in Delaware, Pennsylvania and Washington, D. C, it is headquartered in an unincorporated area of Maryland, in Landover. Giant is known as Giant-Landover to avoid confusion with its sibling company. Giant was founded in 1936 by Nehemiah Meir "N. M." Cohen and Samuel Lehrman. The first store was at Park Road NW in the District of Columbia; the chain experienced rapid growth following World War II, growing from nine stores in 1946 to 17 in 1950. Co-founder Samuel Lehrman died aged 70 while wintering in Miami Beach, Florida in January 1949. Between 1950 and 1952, Giant added five new stores, joining in the general expansion of the American economy. At this time, the shopping center concept was taking hold in America and Giant put a new store in the Congressional Plaza Shopping Center in Rockville, Maryland. In 1955 the chain opened its first store in Baltimore. By this time 48 percent of all its stores were located in shopping centers.
In 1958, riding a new merchandising trend of combination supermarket/department stores, Giant opened its first Super Giant store and within a year had opened eight more. In 1958, the company opened its new headquarters and distribution center on a 40-acre site in Landover, Maryland. In 1957 Giant Food Shopping Center Inc. became Giant Food Inc. and fiscal 1958 saw sales of more than $100 million. In 1959 the company, with 53 stores went public. During this time Giant computerized its inventory data, customer information, payroll and bookkeeping operations. Customer service features added in the 1950s included self-opening doors, mechanized checkouts, open display cases to make meats and frozen food directly accessible to the customer. In the 1950s, Giant initiated a scholarship program to encourage students to pursue food management careers. Two of the first five recipients became senior vice-presidents at Giant. In 1962, Giant opened its first combination food store and pharmacy located in Glen Burnie, Maryland, in the Southdale Shopping Center.
Israel "Izzy" Cohen inherited the family mantle in 1964 and built the company into the 12th-largest food chain in the United States. Cohen died in 1995 at the age of 83. A holding company was formed because "none of the members of my family have had any experience or interest in operating Giant Food..." Three years after Cohen died, Giant was bought by a Dutch conglomerate. Ahold promised few changes to the chain, but Ahold was soon plunged into turmoil after a financial scandal. Starting in 1994, they expanded into the Philadelphia/Delaware/South Jersey area, but under the name Super G, as to avoid confusion with future sister chain Giant of Carlisle. In 2005, the decision was made to phase out the name and convert the South Jersey stores to the Stop & Shop banner; the Delaware locations were converted to Giant-Landover, the Pennsylvania locations, due to proximity to the Giant-Carlisle locations, were closed. In 2004, Ahold merged Giant and Stop & Shop and eliminated more than 600 positions at Giant's Landover headquarters, creating Stop & Shop/Giant-Landover, which itself is a subsidiary of Netherlands-based Royal Ahold.
In 2006, Giant signed a five-year agreement with Starbucks Coffee to open Starbucks locations in several of Giant's stores. The agreement was not renewed upon expiration in 2011 because many of the shopping centers that played host to Giant stores were hosts of standalone Starbucks locations. Giant introduced a new logo on August 2008, as part of a larger rebranding campaign. In September 2012, Giant sold its 760,000 sq ft distribution facility in Maryland; the company outsourced distribution to C&S Wholesale Grocers, relocating its operations to Pennsylvania. Fisher, Eric. "Dutch Retailer Royal Ahold to Wrap Up Acquisition of Maryland's Giant Foods". Knight Ridder/Tribune Business News. Archived from the original on January 17, 2013. Retrieved 10 November 2010. Official website Stop & Shop
Randalls operates 42 supermarkets in Texas, with 26 stores around the Houston area and 16 stores around the Austin area, under the Randalls and Flagship Randalls banners. Randalls today forms the nucleus of the current Houston division of Albertsons and is headquartered in the Westchase district of Houston; the office served as the headquarters of the independent Randalls company before its takeover and the Texas division of Safeway. The Randalls distribution center was near Cypress and now is serviced by the Tom Thumb distribution in Roanoke, Texas in the Dallas–Fort Worth metroplex. Most stores include fresh seafood, cosmetic and film processing departments; the premium Flagship Randalls and Flagship Tom Thumb stores have increased their take-out departments to provide fresh made pizzas and barbecue. Many locations offer bank branches, ATMs, coffee shops, drive-through pharmacy windows, fueling stations and full-service counters where a customer can purchase lottery or movie tickets, pay utility bills and car license renewals.
Randalls Food Markets was founded by Robert Randall Onstead, R. C. Barclay, Norman N. Frewin in Houston, Texas, on July 4, 1966, with the purchase of two existing grocery stores; the first Randalls opened in 1966. The company's fourth store opened in 1970, by the end of the decade the company owned 15 stores and had established itself in the market. In 1980 Randalls had 8% of the Houston area grocery market, making it the fourth largest grocer there. By 1985 the company was the second largest grocer in the five-county Greater Houston area, with 17% of the sales in the market. In 1989, Soviet politician Boris Yeltsin, who became the President of Russia, visited a Randalls store in Clear Lake. Yeltsin was amazed by the selection of goods available in the store and was quoted as saying, "Even the Politburo doesn’t have this choice. Not Mr. Gorbachev." Yeltsin wrote in his autobiography, "When I saw those shelves crammed with hundreds, thousands of cans and goods of every possible sort, for the first time I felt quite frankly sick with despair for the Soviet people....
That such a super-rich country as ours has been brought to a state of such poverty!"By 1990 the chain had expanded to 42 stores. In 1991 Randalls earned over a billion dollars in revenue, making it the fastest growing company in Houston. In the 1990s Randalls expanded into Fort Worth and Austin. Cullum Companies, owner of 62 Tom Thumb and Simon David stores in Dallas, Fort Worth and Austin, became part of the Randalls family in 1992, doubling the company's size with more than 115 stores statewide; the Tom Thumb logo was changed to one similar to Randalls. In Austin with the Tom Thumb name, Randalls added its own name to the market in January 1994 when the company bought 12 AppleTree Markets stores. Nine of the 12 AppleTree Markets and all seven Tom Thumb stores were converted to the Randalls banner, giving the company a significant presence in the Texas Hill Country; the remaining three AppleTree stores were closed. Though the Simon David would remain open until December 1996, after which it became a Saks Fifth Avenue.
After many customers lamented the loss of Austin's only Simon David, Randalls decided in 1998 to make its Bee Caves store a Flagship Randalls supermarket, the first in the city and the eighth in the chain. After 28 years in operation, Randalls began to sell beer and wine in its stores in late 1994. In April 1997, buyout firm Kohlberg Kravis Roberts & Co. invested $225 million in exchange for a majority interest in the supermarket chain. Randalls accelerated its growth in various markets and at the same time sold or closed a number of stores that choked advancement. Within a year, the company opened one store in Houston and three stores in Dallas, while closing four stores in Houston, two stores in Dallas and four stores in Austin. On February 28, 1999, Randalls had 45 Houston area stores, generating $1060.2 million in annual sales. It had 20.3% of the Houston area grocery market. It had 7,876 Houston-area employees. Within a year before February 28, 1999, one store was opened and seven were remodeled.
In July of that year it had 20.2 % of the area market. In 1999, Safeway Inc. a Fortune 50 company and one of the largest food and drug retailers in North America based on sales, bought the 116-store Randalls/Tom Thumb chain. The purchase was announced on Friday July 23, 1999. Safeway retained the Randalls name in Houston and Austin and the Tom Thumb and Simon David names in Dallas/Fort Worth, but replaced many of the Randalls/Tom Thumb "Remarkable" store brands with Safeway private label items. Randalls Food Markets, Inc. became a division of Safeway and changed its division name to Randalls Food & Drugs. By 2001, Randalls operated 46 stores in the Houston area, 12 stores in Austin and 69 stores in the Dallas/Ft. Worth area. In early 2005, Safeway was rumored to be attempting to sell the 138-store Texas division. Instead, Safeway announced by the end of the year it would close 15 Randalls stores in the Houston area, one in Austin, nine Tom Thumb stores in the Dallas-Fort Worth area. Following the closures Randalls/Tom Thumb operated 62 stores in Dallas, 36 in Houston and 14 in Austin.
Safeway said the move would revitalize the Texas division and that it planned t
Watertown is a city in Middlesex County, is part of the Greater Boston area. The population was 31,915 in the 2010 census, its neighborhoods include Bemis, Coolidge Square, East Watertown, Watertown Square, the West End. It is one of thirteen Massachusetts municipalities that retain the title of “town” while functioning under state law as cities. Watertown was one of the first Massachusetts Bay Colony settlements organized by English Puritans in 1630; the city is home to the Perkins School for the Blind, the Armenian Library and Museum of America, the historic Watertown Arsenal, which produced military armaments from 1816 through World War II. Archeological evidence suggests that Watertown was inhabited for thousands of years before the arrival of settlers from England. Two tribes of Massachusett, the Pequossette and the Nonantum, had settlements on the banks of the river called the Charles; the Pequossette built a fishing weir to trap herring at the site of the current Watertown Dam. The annual fish migration, as both alewife and blueback herring swim upstream from their adult home in the sea to spawn in the fresh water where they were hatched, still occurs every spring.
Watertown, first known to settlers as Saltonstall Plantation, was one of the earliest of the Massachusetts Bay Colony settlements. Founded in early 1630 by a group of settlers led by Richard Saltonstall and George Phillips, it was incorporated that same year; the alternate spelling "Waterton" is seen in some early documents. The first buildings were upon land now included within the limits of Cambridge known as Gerry's Landing. For its first quarter century Watertown ranked next to Boston in area. Since its limits have been reduced. Thrice portions have been added to Cambridge, it has contributed territory to form the new towns of Weston, Waltham and Belmont. In 1632 the residents of Watertown protested against being compelled to pay a tax for the erection of a stockade fort at Cambridge; as early as the close of the 17th century, Watertown was the chief horse and cattle market in New England and was known for its fertile gardens and fine estates. Here about 1632 was erected the first gristmill in the colony, in 1662 one of the first woolen mills in America was built here.
Much excitement was generated in Watertown towards the start of the American Revolutionary War period. In 1773, many of its citizens were engaged with the Sons of Liberty in another tax protest, this time against the British Tea Tax which resulted in the famous Boston Tea Party rebellion; some 134 Watertown minutemen responded to the alarm from Lexington to rout the British redcoats from their march to Concord. Thereafter many of these citizen soldiers were part of the first battle line formed at the Siege of Boston. Another Watertown citizen, Israel Bissel, was the first rider to take the news of the British attack and rode all the way to Connecticut, New York and Philadelphia; the Massachusetts Provincial Congress, after adjournment from Concord, met from April to July 1775 in the First Parish Church, the site of, marked by a monument. The Massachusetts General Court held its sessions here from 1775 to 1778. Committees met in the nearby Edmund Fowle House. Boston town meetings were held here during the siege of Boston, when many Boston families made their homes in the neighborhood.
For several months early in the American Revolution the committees of safety and committee of correspondence made Watertown their headquarters and it was from here that General Joseph Warren set out for Bunker Hill. Here, the Treaty of Watertown, the first treaty signed between the newly formed United States of America and a foreign power, the St. John's and Mi'kmaq First Nations of Nova Scotia, was signed in this house. From 1832 to 1834 Theodore Parker conducted a private school here and his name is still preserved in the Parker School, though the building no longer operates as a public school; the Watertown Arsenal operated continuously as a military munitions and research facility from 1816 until 1995, when the Army sold the property, by known as the Army Materials Technology Laboratory, to the town of Watertown. The Arsenal is notable for being the site of a 1911 strike prompted by the management methods of operations research pioneer Frederick Winslow Taylor. Taylor's method, which he dubbed "Scientific Management," broke tasks down into smaller components.
Workers no longer completed whole items. The strike and its causes were controversial enough that they resulted in Congressional hearings in 1911. Taylor's methods spread influencing such industrialists as Henry Ford, the idea is one of the underlying inspirations of the factory line industrial method; the Watertown Arsenal was the site of a major superfund clean-up in the 1990s, has now become a center for shopping and the arts, with the opening of several restaurants and a new theatre. The site includes the Arsenal Center for the Arts, a regional arts center that opened in 2005; the Arsenal is now owned by athenahealth. Arsenal Street features two shopping malls across the street from one another, with the Watertown Mall on one side and Arsenal Yards on the other; the Perkins School for the Blind, founded in 1829, has been located in Watertown since 1912. The Stanley Brothers built th
Initial public offering
Initial public offering or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and also retail investors. Through this process, colloquially known as floating, or going public, a held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned. After the IPO, shares traded in the open market are known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms and as a proportion of the total share capital. Although IPO offers many benefits, there are significant costs involved, chiefly those associated with the process such as banking and legal fees, the ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter.
Underwriters provide several services, including help with assessing the value of shares and establishing a public market for shares. Alternative methods such as the Dutch auction have been explored and applied for several IPOs; the earliest form of a company which issued public shares was the case of the publicani during the Roman Republic. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, or partes. There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum, near the Temple of Castor and Pollux; the shares quaestors. Mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the rise of the Empire. In the early modern period, the Dutch were financial innovators who helped lay the foundations of modern financial systems; the first modern IPO occurred in March 1602 when the Dutch East India Company offered shares of the company to the public in order to raise capital.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed."In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company lists its securities on a public exchange, the money paid by the investing public for the newly-issued shares goes directly to the company as well as to any early private investors who opt to sell all or a portion of their holdings as part of the larger IPO.
An IPO, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of debt, or working capital. A company selling common shares is never required to repay the capital to its public investors; those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the open market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price, through a secondary market offering; this type of offering is not dilutive. Once a company is listed, it is able to issue additional common shares in a number of different ways, one of, the follow-on offering.
This method provides capital for various corporate purposes through the issuance of equity without incurring any debt. This ability to raise large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to the private company: Enlarging and diversifying equity base Enabling cheaper access to capital Increasing exposure and public image Attracting and retaining better management and employees through liquid equity participation Facilitating acquisitions Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans, etc. There are several disadvantages to completing an initial public offering: Significant legal, account