The memorial is in the early planning stages and the company is seeking input from the community on the design, Randy Hargrove, Walmart's senior director for national media relations, said.
Walmart has also been talking with employees about how to handle the memorial.
"Our goal is to establish a memorial that honors the victims, recognizes the binational relationship between El Paso and Ciudad Juarez, and celebrates the strength of the El Paso community," Hargrove said.
Hargrove said Walmart will take the store "down to the shell and is basically rebuilding it."
The company told the mayor and city council about its plans on Wednesday, Hargrove said.
About 93% of the store's employees are working for now at other locations.
"They have wanted to get back working in a store," Hargrove said. "They want to go back to work there."
That includes the store manager, Robert Evans, who told CNN earlier this month he will continue working at the store.
"Nothing will erase the pain of August 3 and we are hopeful that re-opening the store will be another testament to the strength and resiliency that has characterized the El Paso community in the wake of this tragedy," Hargrove said.
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