One would be surprised by what a box of frozen chicken and waffles under Walmart's (WMT) - Get Report Great Value private-label brand signifies for the world's largest retailer. Ditto a half pizza, half quesadilla product playfully called a 'Pizzadilla' that takes about 22 minutes to heat up in the oven. The rather eclectic new frozen foods offer a small snapshot into what's likely to be a major private-label product push by Walmart this year across all of its store concepts. The push is so great the company decided to open its first-ever culinary innovation center in its Arkansas backyard as a way to incubate new ideas. Private-label products, otherwise known as store brands, are simply products on which stores put their own names or brands. They give retailers a way to set themselves apart from competitors. Consumers know they can buy a national brand such as Pepsi (PEP) - Get Report anywhere but they can only buy their favorite store brand at a certain store. Shoppers often love private labels because they tend to be cheaper in price relative to well-known national brands. Retailers love them as they often carry higher profit margins than national brands, which cost more for retailers to buy due to big-name companies such as Pepsi and General Mills (GIS) - Get Report passing along their product development and marketing expenditures. TheStreet's Brian Sozzi reports from New York.