Wal-Mart Stores Inc. is creating a technology-startup incubator in Silicon Valley to identify changes that will reshape the retail experience, including virtual reality, autonomous vehicle and drone delivery and personalized shopping.And in other retailing news at Bloomberg:
The incubator will be called Store No. 8, a reference to a Wal-Mart location where the company experimented with new store layouts. Marc Lore, chief executive officer of Wal-Mart’s e-commerce operations, announced the incubator Monday at the ShopTalk conference in Las Vegas.
The world’s biggest retailer has been overhauling its online team to better challenge Amazon.com Inc. with greater selection and lower prices. Lore founded Jet.com, which Wal-Mart purchased in September for about $3.3 billion in pursuit of Amazon in the e-commerce race. Lore said Wal-Mart has an advantage over "pure play" e-commerce companies because of its large network of stores that attract shoppers for such items as fresh food.
"Every day, I become more and more convinced about the omnichannel advantage," Lore said, referring to a sales strategy that combines online and in-store shopping....MORE
Payless Is Said to Be Filing for Bankruptcy as Soon as Next Week
Sears Warns of ‘Substantial Doubt’ About Company's Future