Wal-Mart Makes E-Commerce Play With New Tech Incubator
Law360, New York (March 21, 2017, 6:10 PM EDT) -- Wal-Mart Stores Inc.'s top e-commerce chief on Monday said that the retailing giant has created a technology startup incubator in Silicon Valley called Store No. 8, as it amps up competition against online sales behemoth Amazon.com Inc. and other fast-growing e-commerce businesses.
Marc Lore, CEO of Wal-Mart's e-commerce operations and founder of online retailer Jet.com, which Wal-Mart snapped up in September at a price of $3.3 billion, introduced Store No. 8 at the ShopTalk retail conference in Las Vegas, a four-day event this week bringing together about 5,000 people in the industry, including more than 550 company chief executives.
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