Walmart covers a total of 28 countries through its 11,695 stores. The company holds supremacy in the retail industry in the United States. However, staying at the top of the market is not an easy job. The company understands that the only way to remain relevant in a highly competitive medium is to adopt the latest technological trends. In light of this innovative approach, the retail giant is opening a new tech incubator right in the heart of Silicon Valley.
The New Silicon Valley Tech Incubator Will Be Called Store No 8
On Monday, the discount retailer announced the opening of its Store No 8. This will enable entrepreneurs to back away from the pressure imposed by Wall Street and its Arkansas headquarters. Instead of daily business issues, they will be focusing on transforming the retailer into the latest tech company. The organization wants to see a visible and powerful change in the next five to ten years. Through this initiative, the company wants to distance itself from its main rivals, especially Amazon.
The new Silicon Valley tech incubator will be all about Walmart owned startups. However, they will not be subject to massive restrictions as it happens within its headquarters. Instead, they will enjoy independence to develop their products and services in their own way.
Marc Lore Will Oversee the New Project
These new projects activate under the supervision of the new leader, Marc Lore. He is an entrepreneur who founded several startups himself such as Diapers.com, Jet.com, and Soap.com. On August 2016, Walmart acquired Jet.com for a total of $3 billion in cash and $300 million in stock. One of the agreements of the contract was that Marc Lore occupies a leadership position within the e-commerce business of Walmart.
The retail behemoth focused on digital growth for some time now. During the winter holidays, the company saw a 30% sales increase within its online platforms. Moreover, the company expanded its acquisition portfolio with three more online retailers, namely ShoeBuy, ModCloth, and Moosejaw. This way, Walmart managed to gain access to different target audiences that prefer to do online shopping.
The new Store No 8 is going to test some bold retail ideas that could change the face of retail as we know it. The Walmart owned startups have free rein over their innovative ideas. The only time Walmart executives will intervene is when they notice that tech geeks are diverting to the field of fantasy instead of building practical products and services.
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