The other shops to make the shortlist are incumbent Omnicom Group agency GSD&M, Publicis Groupe's Saatchi & Saatchi and Interpublic Group's newly combined Draft FCB Group.
Wal-Mart eliminated a further five agencies, including another incumbent, Bernstein-Rein, which is based in Kansas City and has worked for the retailer for 32 years. The agency handled media buying while GSD&M was responsible for advertising.
Also out of the pitch process are WPP's JWT, Publicis, Leo Burnett Chicago and MDC Partners' Kirshenbaum Bond & Partners.
The review, which is being handled by Select Resources International, is due to be finalised by October.
Part of the focus of the review is a change in direction for Wal-Mart and a move upmarket.
Earlier this year it launched a new tagline to underscore this approach with "Look beyond the basics".
The ads feature testimonials from shoppers who, while shopping for basic items at Walmart, are surprised to find much more, such as its clothing line Metro 7, which targets hip, urban, fashionista women with a cheap but chic look.
For the launch of Metro 7, Wal-Mart has run ads in Vogue fronted by former Miss Universe, Dayanara Torres, to shout about the line and change perceptions.
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