by daina beth solomon mexico city walmart inc will acquire latin american food delivery service cornershop for 225 million it said on thursday in a move to ramp up its online grocery business in mexico and chile the deal mirrors walmarts growing investments and tieups in online delivery services across the globe as it aims to compete with amazoncom inc the worlds largest online retailer shares of the retail companys mexico division known as walmex jumped more than 3 percent on the news closing at their highest level since late july walmarts acquisition of threeyearold cornershop which offers its service through a mobile app and was founded in san francisco will help it quicken deliveries for its walmart superama and sams club stores in mexico analysts said advt we believe the transaction is positive and will result in greater efficiencies and higher growth in online sales signum research said in a report walmex said it would absorb cornershops mexico operations walmart aims to deliver food to more than 40 percent of us households by years end using delivery companies like uber technologies inc in canada the company will team up with startup instacart for ondemand grocery deliveries in mexico traditional retailers are increasing investments in logistics technology and product offerings to meet the growing demand for online shopping including in the food and drink sector just 3 percent of all retail sales in mexico are online according to market research firm euromonitor international amazoncom inc which bought whole foods market last year began selling nonperishable groceries online in mexico in late august walmart said it expects the cornershop deal to close by years end adding that the app would remain an open platform serving various grocery and specialty food stores mexican grocery chains chedraui and la comer as well as usbased retailer costco wholesale corp which all offer deliveries via the app declined to comment judith mckenna chief executive of walmart international said in a statement that the deal was expected to provide a learning experience for the companys other markets reuters published on sep 14 2018 at 1158 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app walmart whole foods market food delivery app superama ecommerce mexico city instacart homenewswalmarts purchase of mexico food delivery app set to spur ecommerce