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Jeronimo ArangoBusinessman, co-founder of Wal-Mart
Country:
 Mexico |
Content:
- Early Life and Education
- Founding the First Discount Store
- Expansion and Partnership
- Wal-Mart Success and Wealth
- Legacy and Philanthropy
Jerónimo Arango: From Discount Store Pioneer to Retail Empire Co-Founder
Early Life and Education
Jerónimo Arango was born in Spain and educated in the United States, where he studied art and literature. Despite not completing his bachelor's degree, his entrepreneurial instincts and retail acumen would later prove extraordinary.
Founding the First Discount Store
After observing the popularity of discount stores in New York, Arango opened his first store in Mexico in 1956. The store offered deep discounts, attracting long lines of customers eager for affordable goods. This marked the inception of Arango's retail empire.
Expansion and Partnership
Arango's chain of stores expanded rapidly, becoming one of the largest in Mexico. In 1991, he partnered with Sam Walton, the founder of Wal-Mart. In 1997, the Arango family sold a controlling stake in their company to Wal-Mart for $2 billion. Arango's stores were rebranded as Wal-Mart, and the Arango brothers retained a significant ownership stake.
Wal-Mart Success and Wealth
As a co-founder of Wal-Mart, Arango reaped the benefits of the retail giant's explosive growth. By 2006, his net worth was estimated at $4.6 billion, placing him among Forbes' list of the world's billionaires. Wal-Mart's vast network of over 700 stores in Mexico generates substantial profits, contributing to Arango's financial success.
Legacy and Philanthropy
The Arango brothers are not only prominent businessmen but also highly respected figures in Mexico. Manuel Arango, Jerónimo's brother, is known as one of the most influential men in Mexico and serves as President of the Charitable Trust, which supports over 10 non-profit organizations. Manuel has been recognized with two Academy Awards for his philanthropic contributions.
