BENTONVILLE, AR – Walmart is hinging on a new strategy to lead its future investments and strengthen its position in the buy-side climate; a new branch of business that focuses directly on new partnerships and investments. Called Store No 8, the team will act as a stand-alone incubator for the retailer, with its eyes set on e-commerce.
Specifically focused on the ideas, people, and technologies that will drive the future of retail, Store No 8 will look to invest in and partner with startups and entrepreneurs. According to CNBC, the team will be lead by Walmart’s SVP of Incubation and Strategic Partnerships, Seth Beal, and Walmart Global eCommerce’s VP of Incubation, Katie Finnegan–who came to the company from Jet.com.
The plan was unveiled during the ShopTalk conference held in Las Vegas, NV. This move comes in the wake of several strategic acquisitions by Walmart including that of Moosejaw, Shoebuy, and ModCloth. With each e-commerce company that is picked up by the retailer, its CEOs will be given responsibility for their websites in addition to their specific category in general across the organization; giving companies and business leaders a chance to grow and blossom.
"We'll be bringing in entrepreneurs and giving them capital," said President and CEO of Walmart.com, and Founder and CEO of Jet.com Marc Lore, according to Forbes. "And give them the opportunity to change the course of retail five or ten years out."
With this strategy in mind, Store No 8 will look to exponentially grow Walmart in a well-rounded manner, expanding its customers, strengths, and assets. Some of its specific areas of focus will include hot future tech like artificial intelligence, virtual and augmented reality, and robotics in general.
Forbes stated that the team would differ from Walmart’s current research arm, @walmartlabs, by specifically investing in companies like a venture capitalist would in order to grow its business and portfolio. The team was named after the Arkansas location where Founder Sam Walton was known to experiment.
How will Store No 8 impact Walmart's overall operations, and what affect will it have on the buy-side e-commerce sector? Count on AndNowUKnow for the latest.
