As far as I know the name was derrived from the Lampoon movie as others have already mentioned previously. I heard a friend use the term once quite some time ago and it just kind of stuck in my head so I call it that now as well. It sounds more snappy IMO. The name Wal-Mart sounds pretty boring to me in comparison. Largely in part to K-Mart being around for so long as well as a lot of other "mart" want to bees. 
It is kind of like Tar-GET or Tar-Jay. Tar Jay sounds a lot more fancier when saying ithe name even know the store is still the same place.

It is kind of like Tar-GET or Tar-Jay. Tar Jay sounds a lot more fancier when saying ithe name even know the store is still the same place.

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