The supermarket giant is looking to consolidate its business into one account. Both incumbents have been invited to repitch.
The review follows senior changes in Wal-Mart's marketing department.
Last year, the retailer appointed the former Frito-Lay chief marketing officer Stephen Quinn as its senior vice-president of marketing and the ex-Target marketing director John Flemming as its chief marketing officer.
Bernstein-Rein has worked on the Wal-Mart roster for more than 30 years, while the Omnicom-owned GSD&M has worked with Wal-Mart for 19 years.
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