David Rosenthal: belief

Transcript context

…Did you know their slogan for a long time was Always the Lowest Price, Always? But then there was an FTC lawsuit against them where they changed to Always Low Prices because it was false advertising that they didn't always have the lowest price. Once they got to a certain scale at Walmart and it was bigger, I think the original company-wide slogan was Always Low Prices. Always. Then, at some point, they changed it in the '70s to Always the Lowest Price. They're like, we're going to push it even farther. They got away with it for five or six years. The government had a little something to say about that. All this sounds like Sam says there. It sounds simple, but people didn't know this stuff yet. Retailing had not professionalized. We're not that far removed from Rockefeller, the general store, and post-World War II. This is all new. This is incredible. He actually hits his goal. By year five of the Newport store, he's doing $250,000 in sales at a $30,000–$40,000 annual profit. Remember, he bought the thing for $25,000. That's including the crazy 5% rent charge in his expenses. His operating margin on this is 24%. He's making very, very real profits on this little store that he's got.…

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