Walmart buys same-day delivery company Parcel

Above Parcel van & driver

Although he has touted in-store pickup services as the most efficient and cost-effective way to accomplish last-mile delivery across Walmart's store base nationwide, Lore clearly aims to compete with Amazon and other retailers' delivery efforts in larger cities.

Parcel, which delivers groceries and other items from third-party retailers, intends to help Walmart with last-mile delivery, known as the final steps in getting packages to consumers. The company has partnerships with several meal kit, grocery and e-commerce companies.

Parcel will continue to serve those clients, but Walmart will also utilize the startup's technology and network of delivery employees to ramp up its own same-day delivery offerings for both and in New York City.

Walmart is working to become a major player in urban areas like New York City, calling the Big Apple the company's top market, and rapid delivery is an important piece of that plan. Packages are often sent back to the post office, which tend to close in the early evening.

Kaplan's idea was to have shipments delivered to Parcel's warehouse. The service allows customers to schedule delivery times for their packages, which solves the problem apartment dwellers face when they don't have a door person to let a delivery person into the building.

Wal-Mart said in June it would buy online men's fashion retailer Bonobos Inc for $310 million, on the same day Amazon unveiled a $13.7 billion deal to buy upmarket grocer Whole Foods Market Inc.

While the two companies did not disclose the terms of the detail, Recode reported that a source familiar said that Wal-Mart paid $10 million to acquire Parcel, and Wal-Mart noted in a fact sheet for the deal that the price was "smaller than previous acquisitions we've made this year". is reportedly testing same-day delivery in the city. The company, according to a report in Reuters, has six full-time employees and a roster of 45 part-time employees. Year-to-date, WMT has gained 15.82%, versus a 14.49% rise in the benchmark S&P 500 index during the same period.

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