by Nate Wooley | March 4, 2013 9:13 am
According to notes from an executive meeting, mega-retailer Walmart (NYSE:WMT) is working to directly compete with online retailer Amazon (NASDAQ:AMZN).
The meeting minutes — which have also shown Walmart’s concern with keeping its shelves stocked — indicate that the company is hoping to offer a direct challenge to Amazon’s Marketplace selection of independent vendors, reports Bloomberg.
In the minutes, U.S. CEO Bill Simon is recorded as having said that the Marketplace is Amazon’s “No. 1 weapon” and that he is “anxious” to begin competing it the online rival. While Walmart has its own online series of independent vendors, few have signed up after four years, while Amazon has more than 2 million.
A Walmart spokesman in California said the company is very selective in how it chooses its vendors, preferring to only choose “merchants with high-quality products and high-level customer service.”
Walmart also has been focusing on new stores; the firm plans to launch 130 new locations this year.
Source URL: http://investorplace.com/2013/03/walmart-plans-to-take-on-amazon-online/
Short URL: http://invstplc.com/1nxe4gi
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.