Walmart will review its Jet.com business, acquired in 2016 for $3.300 billion, which has so far failed to meet its objectives.
Thus, the retailer will integrate Jet.com's sales, technology, marketing, analytics, and product teams into its own online business. Furthermore, the portal's president, Simon Belsham, will step down in early August and be replaced by Kienan Shanahan, Walmart's senior vice president of food.
The retailer hoped Jet would boost its sales, especially among urban consumers and Millennials, but it failed to become a driver of online grocery sales. “ Jet remains a very valuable brand for us and plays a specific role in helping Walmart reach urban customers ,” says Marc Lore, president and CEO of Walmart E-commerce. “ So far, the focus has been primarily on New York, and we are looking at other cities where we can combine Jet’s expertise with Walmart’s scale and operating model .”
