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Retail giant Walmart Inc (NYSE:WMT) announced a new initiative Thursday in which it will offer unlimited grocery deliveries to customers for $98 a year.
What Happened
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Walmart has been testing a grocery delivery business in four markets this year, and the program's success prompted the retailer to expanded its initiative immediately to 200 metro areas, the company said in a press release.
The business, Delivery Unlimited, will cost consumers either $98 a year or $12.95 a month for unlimited grocery orders including fresh produce, meat, seafood, bakery items and pantry staples.
Non-members have an option of paying for each delivery order.
Why It's Important
Walmart's latest grocery initiative follows closely on the heels of Target Corporation (NYSE:TGT)'s initiatives to take grocery market share, including expanding its private label to include thousands of items.
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Walmart's announcement Thursday could be seen as a counter to the growing competitive environment brought by non-traditional grocery stores.
The combination of the company's size and scale will make Walmart "the easiest place to shop," Tom Ward, Bentonville's senior vice president of digital operations, said in a statement.
What's Next
Walmart said it plans to expand its grocery delivery membership business to 1,400 stores in the coming months and 1,600 stores by the end of the year.
The stock was up 0.25% at $116.31 at the time of publication Thursday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.