Walmart Invests in Online Business

Walmart (Bentonville, Ark.) recently shared its plans for ways to grow business over the coming years, which include opening fewer new stores so that it can instead remodel existing stores as well as invest more heavily in its online business.

According to The Denver Post, these efforts are in response to the competition the retailer faces from online retailers, such as Amazon (Seattle). For instance, last month the retailer purchased Jet.com for $3 billion, and last week, the retailer increased its stake in JD.com from 5.9 percent to 10.8 percent. In contrast, the retailer plans to open 55 stores in the U.S. next year, which compares to 130 that it opened this year and 230 stores that it opened last year.