Wal-Mart Buy Delivery Startup Parcel

Published on: 03 Oct, 2017

Wal-Mart Stores Inc. (NYSE: WMT) on Tuesday announced to acquired NYC’s startup Parcel, a company that focus on same-day groceries deliveries.

Brooklyn-based Parcel provided same-day and overnight delivery service and operates 24 hours per day, seven days a week in New York City, the most populous city in the U.S. It is unclear the purchase price for the deal.

"We plan to leverage Parcel for last mile delivery to customers in New York City – including same-day delivery – for both general merchandise as well as fresh and frozen groceries from Walmart and Jet," Wal-Mart said in a blog post.

The deal will assist Wal-Mart to better compete with U.S. e-commerce giant Amazon.com, Inc. (NASDAQ: AMZN). The world’s largest retailer has been invested heavily in e-commerce in the recent years. It bought Jet.com Inc. for about $3.3 billion in 2016.

Wal-Mart shares rose 1.31 percent to $79.48 per share in the early trading in New York. The stock has gained 14.95 percent this year, slightly outperforming the S&P 500’s 13 percent gains.

E-commerce companies try to lower the delivery time to attract more customers. Amazon provides free two-day shipping through its Prime membership program. Wal-Mart also offers free two-day shipping on the orders of $35 or more.

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Marco Zhou

Email: Marco@financialinsiders.com

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