Cold weather and a reduction in food stamp benefits aren't the only reasons behind Wal-Mart's lowered fourth-quarter forecast.
The big-box discounter is in need of a bricks-and-mortar makeover, analysts said. To resonate with today's shopper, Wal-Mart needs to move its stores closer to major population centers, shrink the square footage of its superstores and shutter about 100 underperforming U.S. locations, they suggest.
(Read more: A 'tsunami' of store closings seen hitting retail)
"High sustained transportation costs and broader consumables distribution appear to be reshaping consumer shopping behavior," Credit Suisse analyst Michael Exstein said in a research note on Wednesday. "Wal-Mart and Target have been slow to react thus far, but we think the broader trend will call for the rollout of smaller 'big boxes.' "