Walmart recently announced the acquisition of Cornershop — an online marketplace for crowdsourced deliveries from supermarkets, pharmacies, and specialty food retailers in Mexico and Chile — for $225 million.
Walmart calls the acquisition “an important step forward in accelerating the company’s omnichannel capabilities and growth in Latin America” and notes that “Cornershop will remain an open platform that will continue to deliver from a variety of retailers.”
Walmart has been aggressively expanding abroad into higher-growth markets to offset the slower growth of its domestic business amid tougher competition from Amazon.com. Until now, Walmart mostly focused on Asian markets like China, India, and Japan.
In China, where it operates 426 stores, Walmart bought a 12% stake in JD.com, the country’s second-largest e-commerce player after Alibaba. The two companies recently co-invested $500 million in Chinese online grocery delivery company Dada-JD Daojia.
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Source : Fool