That may be true for certain things, but it was absolutely not true in the case of the Spyderco Native.
The Natives which Wal-Mart carried were identical to those being sold by every other Spyderco dealer at the time and were a bargain at the price Wal-Mart charged for them. I'd suspect there are still some brick and mortar dealers with "bugless" Natives in inventory either due to low sales volume or failure to rotate their stock. It's a question of when the knives were delivered to the dealer or distributor, not whether that was Wal-Mart or somebody else.
I find it more of a question of is it a factory second Like rest of the name brand knives you get at wally world are. Price reflects alot when they are able to sell it at the same cost your specialty shop has to buy it for some thing has to give!