Wal-Mart Stores Inc.'s startup-buying strategy will continue as the company looks to buy brands with footprints in specific markets, CEO of Walmart eCommerce U.S. Marc Lore said at a conference Oct. 17, according to TechCrunch.
Speaking at the WSJ D.Live event in Laguna Beach, Calif., Jet.com founder Lore said Wal-Mart is especially interested in buying businesses that focus on technology, retail and digital-native brands.
"Specialist positioning is better than mass," Lore said, according to TechCrunch. "We've empowered the leaders of these companies to basically run the category across the entire entity."
The retailer has acquired a number of startups in recent years, including Lore's Jet.com, which it bought for $3 billion in a deal in 2016. The company has also purchased men's online retailer Bonobos, New York-based delivery service Parcel, women's online retailer ModCloth and online outdoor apparel seller Moosejaw.
Wal-Mart is also trying to improve its delivery time in the U.S., Lore said.
The Bentonville, Ark.-based retailer has been expanding its e-commerce business in recent years in a bid to compete with Amazon.com Inc. Wal-Mart and Amazon are rivals in a number of retail categories, from apparel to electronics to groceries.