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Target buys Shipt for $550 million

By TechTaffy Desk

Retail giant Target is acquiring Shipt, an online same-day grocery delivery platform, for $550 million in cash. The company says it will leverage its network of stores and Shipt’s proprietary technology platform and community of shoppers to bring same-day delivery to customers.

John Mulligan, executive vice president and chief operating officer for Target, said in a statement that the company will be servicing every major market across the country with same-day delivery, by the 2018 holiday season.

At launch, Target will offer same-day delivery of groceries, essentials, home, electronics and other products. By the end of 2019, same-day delivery is expected to include all major product categories.

Founded in 2014 and located in Birmingham, Alabama, Shipt is a membership-based grocery marketplace and same-day delivery platform. The service has a network of over 20,000 personal shoppers in more than 72 markets, according to Target.

Shipt will be a wholly owned Target subsidiary, and will continue to run its business independently.

The transaction is subject to customary closing conditions and is expected to close prior to the end of calendar year 2017.

[Image courtesy: Shipt]

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