Walmart (WMT) has entered into a strategic partnership with Meituan, according to a post by the retailer’s China unit on the WeChat app. Meituan is China’s largest food delivery service and offers a variety of services, including deliveries for retail goods, bike-sharing, and ticket booking. As part of this agreement, Meituan will provide delivery services for the retail giant’s products in China and will be featured on Meituan’s widely-used app.
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Walmart Is Trying to Strengthen Its Presence in China
The move comes as Walmart aims to accelerate its e-commerce growth in China, where online sales already account for nearly 50% of its revenues in the country. This partnership follows Walmart’s $3.7 billion sale of its stake in Chinese e-commerce firm JD.com (JD) earlier this year.
Walmart is performing remarkably well in China. In fact, in its most recent Fiscal quarter, the company’s net sales from both its stores and its members-only Sam’s Club stores in China surged 17% year-over-year to $4.9 billion.
Walmart’s Employees Are Wearing Body Cameras
In other news, Walmart’s store-level associates are wearing body cameras as part of a pilot program at certain key U.S. locations, according to a CNBC report. The report stated that while it was not clear how many of the retailer’s stores have the recording devices, some stores now carry signs at entry points warning shoppers that “body-worn cameras are in use.”
A spokesperson for the retailer told CNBC, “While we don’t talk about the specifics of our security measures, … this is a pilot we are testing in one market, and we will evaluate the results before making any longer-term decisions.”
Is WMT a Good Buy?
Analysts remain bullish about WMT stock, with a Strong Buy consensus rating based on 26 Buys and two Holds. Over the past year, WMT has surged by more than 80%, and the average WMT price target of $97.34 implies an upside potential of 2.6% from current levels.
