Deals
Target to Buy Shipt for $550 Million in Challenge to Amazon
- Deal will bring same-day delivery to most stores next year
- Shipt plans to keep existing customers, including Costco
Why Target Is Buying Shipt for $550 Million
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Target Corp. agreed to purchase grocery-delivery startup Shipt Inc. for $550 million, stepping up its challenge to Amazon.com Inc. by speeding the rollout of same-day shipping.
The all-cash deal will let Target customers order groceries and other goods online, and then have the items sent directly to their doors from nearby Target stores.