Walmart sees itself as more than just a store
What’s in a name? For Walmart, it will soon be a little less.
The company, which became the largest retailer in the world with a huge chain of stores, is changing its name to reflect its increasing emphasis on ecommerce. As of Feb. 1, it will no longer be “Wal-Mart Stores” dropping the hyphen and “stores” from its legal name.
“While our legal name is used in a limited number of places, we felt it was best to have a name that was consistent with the idea that you can shop us however you like as a customer,” Doug McMillon, Walmart’s president and CEO, said in a statement. “As time goes on, customers will increasingly just think of and see one Walmart.”
Walmart’s tweak upends a 47-yearold tradition. The company, which was known as Wal-Mart, Inc, when it incorporated in October 1969, added the word “stores” three months later.
It’s more than just a cosmetic move, some analysts say.
“It signals that the way in which Walmart sees itself has shifted, and it wants to ensure that view is communicated to others,” says Neil Saunders, managing director of retail consultancy Global Data.
Though Amazon is the most dominant player in the online shopping space, Walmart has become a fierce competitor, steadily increasing its offerings and online partners.
In June, it bought premium menswear seller Bonobos for $310 million, the latest in a shopping spree that has brought online marketplace Jet, footwear site Shoe Buy, outdoor gear seller Moosejaw and women’s clothing site Mod Cloth into the Walmart.com fold.
As shoppers increasingly choose to buy and browse with a tap or a click, Walmart.com has seen traffic soar: Online U.S. sales rose 50% in the last quarter. And as the company attempts to woo a more affluent, fashion-conscious shopper, it is partnering with upscale retailer Lord & Taylor to feature a branded shop on Walmart.com starting in spring.