Walmart To Acquire Cornershop For More Than $200 Million

Retail giant Walmart is boosting its delivery business with the acquisition of Cornershop. The company has announced that the $225 million acquisition of Cornershop will continue offering the services in two countries. Those two countries are Chile and Mexico, where the company has seen a nice growth in recent years.

The service offers on-demand delivery from many businesses in the countries, including food retailers, supermarkets and pharmacies. The retail giant has confirmed that those services will continue in Mexico and Chile after the acquisition is completed.

Cornershop is only three years old but the company has seen lots of success during that time. The service works with contractors who visit the businesses and shop to complete the orders made by the customers.

The service has been very successful and it has quickly grown in the two countries. The growth has been so fast that it appears to have caught the attention of the retail giant. Reports say Cornershop unique customers have doubled over the last year.

Walmart already has presence in the two countries where Cornershop is operating. The retail giant has many stores in Mexico. In 2009, Walmart acquired Lider, a supermarket chain in Chile.

The founders of Cornershop and the teams will continue working with the service following the acquisition. Judith McKenna, President and CEO of Walmart International, said that the company is focused on making life easier for customers and associates with the help of local businesses.

Walmart has been very aggressive when it comes to making investments on these types of services. The Cornershop acquisition is one of several that the company has made in recent months.

Back in January, the company announced a partnership with Rakuten. The partnership includes grocery delivery in Japan and the sale of some of Rakuten products in the United States. Last month, the company made an investment on a Chinese online grocery service that is partially owned by JD.

Walmart’s competition has been making serious moves and the retail giant cannot stay back. One of its big rivals, Amazon, has made big moves in recent years. The online retailer has made several moves in cities such as London and Tokyo.

The Cornershop acquisition is expected to be completed by the end of the year.