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.

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