Walmart launches a tech incubator in Silicon Valley
Walmart is launching a technology-startup incubator — called Store No. 8 — in Silicon Valley to focus on revamping its retail experience with new innovations like virtual reality, autonomous vehicles, drone delivery and personalized shopping. The retailer is hoping that move, which e-commerce CEO Mark Lore announced Monday at the ShopTalk conference in Las Vegas, will give the company a competitive edge over Amazon.
Why it matters: Store No. 8 is the latest for Walmart in its hot e-commerce streak. In the last two months alone, Walmart has bought three online retailers — ModCloth, ShoeBuy, and Moosejaw — to help diversify its online presence. And Lore, whose Jet.com store Walmart bought last year for $3 billion, has been spearheading the growth.