Walmart Eyes Mexico Grocery Delivery With $225M Purchase
September 14, 2018 | 1 min to read
Walmart Inc. is snapping up a popular app for grocery deliveries in Mexico.
The company agreed to purchase Cornershop, which also offers a shopping-delivery service in Chile, for $225 million. Walmart will subsequently sell Cornershop’s operations in Mexico to its local subsidiary, Walmex, at a yet-to-be-determined price. The transaction is expected to close this year.
Walmex, Mexico’s biggest supermarket chain, is following its U.S. parent by expanding aggressively in e-commerce. Mexico’s potential is already drawing the attention of rivals such as Amazon.com Inc., which started a food-and-beverage delivery service for its Prime clients there. Amazon also has a deal with Fomento Economico Mexicano SAB to use its vast network of Oxxo convenience stores as delivery centers where shoppers can pick up their orders.
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