Walmart's retail empire began with Sam Walton, who purchased his first store in 1950 and opened the inaugural Walmart in Rogers, Arkansas, in 1962, betting on a strategy of low prices and high sales volume. Throughout the 1960s and 1970s, the company expanded rapidly across the South and Midwest, growing to 24 stores by 1967, completing its first stock split in 1972, and acquiring rival chains like Mohr-Value and Kuhn's Big K to fuel its growth. The 1980s brought major innovations, including the launch of its first Sam's Club warehouse in 1983 and the debut of the Wal-Mart Supercenter in 1988, while the company also invested heavily in technology like barcode scanners to manage its massive inventory. In February 1988, founder Sam Walton stepped down as CEO, with David Glass taking the helm, and by that same year Walmart had already become the most profitable retailer in the United States. Continuing its explosive nationwide expansion, the chain established stores in every U.S. state and entered Canada by 1995, cementing its status as a global retail powerhouse.