Walmart’s Jet.com to open its first-ever store
Through a partnership with Walmart’s (WMT) Jet.com, a concept store called “Story” will open its doors in New York City for Jet to sell fresh groceries. Jet will sell its grocery items - including fresh produce, ingredients and culinary merchandise - at the store for 6 weeks. Workshops and cooking classes will also be held at the store throughout the display period. The move comes as Walmart continues to drive new initiatives to try to crush its competitor Amazon in the grocery segment. Amazon recently launched a service for its Prime members that delivers groceries right to their cars, but it’s only available in 2 Seattle locations as the company does not have the store presence to expand on the service significantly, like Walmart does.
Walmart bought e-commerce startup Jet for $3.3 billion last August and since then, the subsidiary led by Marc Lore has been eating up smaller online companies to boost its presence and compete with Amazon. Those purchases have included women’s vintage-inspired retailer Modcloth.com for $150 million and outdoor recreational retailer Moosejaw for $50 million.