Superstore Walmart may be looking to buy Jet.com, reports the Wall Street Journal. The online marketplace competes with Amazon to sell discounted goods.
Earlier this year, Walmart announced the closing of 269 stores worldwide. In addition to struggling with the costs of operating brick and mortar stores in an increasingly digital world, the company also hasn’t had success with its ecommerce business. Buying up Jet.com could help it boost its online profile. However, it’s likely to come at a high cost. Jet.com could be worth as much a $3 billion, according to the WSJ.
.@MikeIsaac yup. The Jet price is a calculation of how much Walmart fears Amazon (& prob ensuring Jet investors are whole).
— Hunter Walk (@hunterwalk) August 3, 2016