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Tuesday, May 26, 2020

Wal-Mart Grounding Jet.com

No new news, but some of the motivations provided of interest,    Would they have thought differently if they knew of the virus coming?  Will it fundamentally change how people buy?

Walmart to ground Jet.com
By Dan Berthiaume - 05/19/2020  in CSA

Walmart is winding down a digitally-native retailer it bought for $3 billion in 2016.

The discount giant will cease operating its Jet.com e-commerce subsidiary at an unspecified date. Walmart announced its intention to shutter Jet.com in a two-sentence statement in its first quarter earnings report: “Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com,” Walmart said. “The acquisition of Jet.com nearly four years ago was critical to accelerating our omni strategy.”

On the company's quarterly earnings call with analysts, Walmart CEO Doug McMillion credited the acquisition of Jet.com as  “jump-starting the progress we have made the last few years.”  He cited the growth of Walmart’s curbside pickup, delivery to the home and expansion of categories beyond groceries, including apparel and home decor.  McMillion also said "we're seeing the Walmart brand resonate regardless of income, geography or age."  .... "\

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