US-based discount retail chain Wal-mart Inc. (Walmart), has announced the acquisition of Cornershop Inc., a leading online marketplace for crowdsourced on-demand deliveries from supermarkets, pharmacies and specialty food retailers in Mexico and Chile.
According to Walmart, Cornershop Inc. was acquired for $225 million, a transaction that is an important step forward to accelerate the omnichannel capabilities of the company and its growth in Latin America.
Judith McKenna, president and CEO of Walmart International said: “Cornershop’s digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate. This is an opportunity to leverage both of our brands, as well as Walmart’s strong supply chain and store network”.
Cornershop’s founders will remain leading the business, which will continue deliveries from various retailers, extending the convenience and availability of food, health & wellness and packaged goods to Mexico and Chile.
The announcement follows Walmart’s recent investment in Dada-JD Daojia in China and the strategic alliance with Rakuten in Japan.