Latin American Economy & Business - October 2018

Walmart buys Cornershop: US based retail chain Walmarket International said it was buying online grocery company Cornershop, which has a strong presence in Mexico and Chile, for US$225m. The purchase appears to be part of a move into e-commerce in Latin America. The Mexican and Central American operations of Cornershop will be put under the control of Walmart de México (Walmex), which holds the number one slot in the retail market in that country. The company recently hired Ignacio Caride, former chief executive of online retailer Mercado Libre, to help develop its e-commerce operation in Latin America. Walmart said it had been particularly interested in Cornershop’s “innovative crowdsourced delivery platform: with its own assets to accelerate growth for both companies”.

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