Walmart to acquire food delivery service Cornershop for USD 225 mln

Friday 14 September 2018 00:57 CET | News

Walmart has planned to acquire the food delivery service Cornershop for USD 225 million, to ramp up its ecommerce business in Mexico and Chile.

Walmart’s growing investments and tie-ups in online delivery services across the globe are mirrored by the acquisition of the Latin American Cornershop, which offers its service through a mobile app and was founded in the US. The deal will quicken deliveries for Walmart, Superama, and Sam’s Club stores in Mexico, according to analysts.

Walmart aims to deliver food to more than 40% of the US’ households by the end of 2018 by using delivery companies. In Canada, the company has plans to team up with startup Instacart for on-demand grocery deliveries. In Mexico, traditional retailers are increasing investments in logistics, technology, and product offerings to meet the growing demand for online shopping, including in the food and drink sector.

The Cornershop deal is expected to close by the end of 2018, according to Walmart, adding that the app would remain an open platform, serving various grocery and specialty food stores.

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Keywords: Walmart, Cornershop, acquisition, ecommerce, Mexico, Chile, mobile app, food delivery
Countries: World