The town of Wallace was first known as Duplin Crossroads and was incorporated into existence in 1873. Later in 1899, the town fathers decided to adopt the new name, Wallace, to honor Stephen D. Wallace, an official of the Atlantic Coast Line Railroad.
Wallace is Duplin County's largest population and retail trade center serving over 50,000 people in a surrounding three county area. The population of Wallace in 2010 was 3,880 people.
SouthPark, an industrial park, is open near I-40 in Wallace. Low tax rates are an incentive to industry and business considering the Wallace area.
The Wallace Airport, Henderson Field, serves to make Wallace more accessible. The airport offers a 4,000 foot paved and lighted runway with a navigational beacon.