Sneaking in with just a few days left in the year, Apple's iPhone has officially begun selling at select Wal-Mart and Sam's Club outlets yesterday (Dec. 28). With more than 7,000 mega-stores worldwide and some 2.1 million employees, Wal-Mart is by far the world's largest retail chain but the strategy here still defies logic. Taking such numbers into consideration, it remains a mystery why Apple decided to wait until after the holidays to get units on shelves.

According to sources, Wal-Mart will sell the mobile device for $197 for the 8GB model and $297 for the 16GB model; a whopping $2 off their current prices through Apple. There have even been rumors that Wal-Mart would eventually offer a 4GB $99 iPhone option!

Evidently individual store managers will have some wiggle room on the price structure. According to the press release, the company's price match policy will allow stores to "match the price of any local competitor's advertised store price on the same item within the same promotional period." Since Best Buy is offering the iPhone for $190 for the 8GB and $290 for the 16GB models, it looks like savvy customers can snag an iPhone for even less.

The move represents the fourth effort by Apple to expand its iPhone presence outside of its own 200-store network. The first was a partnership with AT&T and their 2,000 stores, then Best Buy and their 1,000 outlets, then their overseas distribution to various smaller shops.