So Long, Wal-Mart Stores: Hello, Walmart

Wal-Mart Stores Inc (NYSE: WMT) will soon be known simply as Walmart.

What You Need To Know

Walmart confirmed Wednesday two changes to its official corporate name. First, it will drop the dash between "Wal" and "Mart." Second, it will be dropping the "Stores" part of its name to better reflect its status as being both an offline and online giant.

Why It's Important

Media outlets following Associated Press style have been referring to the company as Walmart, so the change is minimal, as the legal name is rarely used, President and CEO Doug McMillon said in a statement. Nevertheless, the name change is more consistent with the "idea that you can shop us up however you like as a customer."

In conjunction with the name change, the company said it struck a new agreement to sell Lord & Taylor branded items both in store and online.

What's Next?

Walmart incorporated its legal name in 1969 when it was known as Wal-Mart, Inc. and changed its name to Wal-Mart Stores, Inc. the following year. It has kept the same name since then despite an aggressive push into online.

The legal name change becomes effective in February.

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Photo courtesy of Walmart.