On Wednesday, Walmart (NYSE: WMT) announced plans to drop “Stores” from their name after 47 years as they tighten on the e-commerce business and continue to compete with rival Amazon. This plan will take into effect on February 1st as the company believes that the name change needed to be consistent with customers’ ideas of shopping both online and in stores, since the corporate name is rarely used in public facing materials.
Although corporate revenues only account for 4-5% of sales worldwide, it is a great point of focus for Walmart where digital sales jumped 50% last quarter. Following this, the company had plans to purchase Jet.com as well as expanding their marketplace to further integrate stores and e-commerce. Walmart has been improving their mobile shopping app and is equipping more stores as pick up points for online grocery orders. Plans to also build new headquarters in Arkansas will take into effect soon.
In a blog post on the company’s website, Chief Executive Officer Doug McMillion said, “Why the change? Because of our growing presence as a retailer who serves customers no matter how they choose to shop.” “Most of us, and I’d guess all our customers, refer to our company as Walmart.”
Shares have been trading very high lately and will continue to trade under the stock ticker “WMT” on the New York Stock Exchange.