Target to Buy Grocery Delivery Startup Shipt for $550 Million
By Khadeeja Safdar | Updated Dec. 13, 2017 11:31 a.m. ET
Target Corp. is paying $550 million to acquire grocery delivery startup Shipt Inc., moving to match services that have been rolled out by rivals Amazon.com Inc. and Wal-Mart Stores Inc.
Shipt, like rival Instacart, uses thousands of contractors to buy products at retail stores and deliver them to customers. It charges a $99 membership fee and its shoppers buys products from local stores, including grocers like Kroger Co. and Costco Wholesale Corp. Shipt typically sells items at a slight premium to the in-store price, and…
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