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Thanks everyone for the explanations. I was more curious than anything else. I'll probably delete the new "Walmart" account (or just leave it for experimentation). What was surprising to see was the Walmart being the default login when setting up the Touch (after logging out of my Kobo account).
To John F — I didn't see the Walmart version of the Kobo store either, until I went to a different computer (or at least a different browser). I guess cookies in the browser must divert you to your regular Kobo account if you've already got one. The Walmart Kobo Store has fewer options at the top (the link for eReaders goes back to Walmart's page, for example) — otherwise it looks identical to the Kobo standard bookstore, except with the Walmart eBook by Rakuten Kobo logo. (I've attached screen grabs of the two from two different browsers — once I go to the Walmart Kobo store in browser that hasn't been used for Kobo, that becomes the default.)
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