Walmart close to tie-up with clothier Lord & Taylor: report
20 October 2017
Wal-Mart Stores Inc is near a deal to add Lord & Taylor to its website, part of a broader effort by the retail giant to build an online shopping destination that can compete with Amazon.com Inc, the Wall Street Journal reported citing people familiar with the matter.
Walmart, seeking to ramp up ecommerce sales after years of sluggish growth, wants to turn Walmart.com from a discount site into an online mall that would also feature higher-end brands, the report said. For Lord & Taylor, the alliance could bring a boost in web traffic at a time when fewer shoppers are visiting department stores.
Additional brands that eventually could be included in the project include men's clothing company Bonobos and online retailer Jet.com, both of which are owned by Walmart, as well as other traditional chains. Financial terms of the potential Lord & Taylor partnership couldn't be learned, the report noted.