As Walmart continues to compete with omnichannel retailers, the company has made a legal name change to reflect how modern customers shop the brand. On Dec. 6, Walmart announced plans to change the company’s legal name from Wal-Mart Stores, Inc. to Walmart Inc., effective Feb. 1.
Although the company’s legal name is rarely used among consumers or in stores, Walmart president and CEO Doug McMillon says they wanted to highlight the fact that customers can shop Walmart however they prefer.
“Our customers know us as Walmart and today they shop with us not only in our stores but online and with our app as well,” McMillon says. “Looking ahead, we’ll continue to invest in and strengthen our stores around the world and expand our e-commerce capabilities as we help save customers’ time and money. As time goes on, customers will increasingly just think of and see one Walmart.”
While Walmart doesn’t specifically say how much of its corporate revenues are generated online, the estimation is about 4 to 5 percent worldwide, according to an article by Fortune.
E-commerce entrepreneur Marc Lore has been heading Walmart.com after selling his company Jet.com to Walmart in 2016. Last quarter, digital sales rose 50 percent, the Fortune article adds.
The big-box retailer was founded in 1962, but its formal legal name when it was incorporated in 1969 was originally Wal-Mart, Inc. before becoming Wal-Mart Stores a few months later, Fortune states. Although the company is best known for its namesake chain, it also operates chains such as Sam’s Club in the U.S. as well as Walmart, Sam’s and additional banners in other countries.