Target is buying tech start-up Shipt in a bid to become a much more serious contender in the same-day delivery wars.
The discount retailer, looking to better compete with Walmart and Amazon.com, said on Wednesday, December 13, it was paying US$550 million in cash for Shipt in its biggest acquisition in recent history. As a result, it plans to offer same-day delivery from about half of its 1,800 stores by summer ahead of a roll-out to nearly the entirely fleet by next year’s Christmas season.
Shipt, which will become a wholly-owned Target subsidiary that will continue to do and solicit business from other retailers, works with chains such as Kroger and Costco Wholesale by making the specific items at any given store available online.
Full Content: Bloomberg
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