Walmart To Team Up With Lord & Taylor In Another Bid To Compete With Amazon
Build it and they will come. At least that seems to be the phrase Walmart is employing with its latest initiative to compete with Amazon.
The retail giant is entering into a deal with department store Lord & Taylor that would give it with a dedicated spot on the Walmart website, creating an online mall concept accessible through Walmart, the Wall Street Journal reports.
Should the deal move forward, Lord & Taylor will also continue to operate its own website but shoppers would be able to pick up and return items to any of Walmart’s brick-and-mortar stores across the U.S.
By incorporating premium brands, Walmart hopes to increase its reach and appeal to a broader demographic. Bonobos and Jet.com could eventually be included in the project as well, along with other chains.
The partnership could be similarly beneficial to Lord & Taylor, which has struggled with sales and declines in foot traffic in recent months, the Journal reports.
While many higher-end brands have resisted joining Walmart because of its strong reputation as a discount retailer, the increasing competition from Amazon is causing many to think twice.