Walmart's vice president of marketing, Tony Rogers, issued a statement recently in which he said the new tagline is "simply a restatement of Sam Walton's vision for the company - ‘We save people money so they can live better.'"

"This new line lets us be very direct about the role we play in our customers' lives," Rogers said. "Yes, it's about saving money, but that's only half of the equation. It's also about what those savings mean, and that's where Walmart has its most profound impact on people's lives."

"‘Always low prices' is an iconic message and still a part of our everyday operation and marketing lexicon, but our advertising tagline is now ‘Save Money. Live Better,'" he said.

Walmart said the launch of the new tagline followed the company's introduction of some higher-end brands including Dell, Sony, Samsung and Toshiba. Promotion of the new slogan will include 30-second TV spots "illustrating how saving money on the little things adds up and helps families live better."

The company has also opened a new website, www.SaveMoneyLiveBetter.com to introduce consumers to the tagline.