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Founded in 1963, Tokyo-based Seiyu operates more than 300 stores throughout Japan.
Global investment firm KKR and Rakuten DX Solution, a subsidiary of internet services company Rakuten, have completed their previously reported share purchases in Japanese retailer Seiyu GK from Walmart. As a result of the transactions, KKR owns a 65% stake in Seiyu, and Rakuten DX Solution owns a 20% stake in the company. Walmart, meanwhile, retains a 15% stake in Seiyu. New York-based KKR is making its investment from its Asia private equity fund.
Under the new ownership structure, Seiyu can avail itself of the combined retail expertise and innovation of KKR, Rakuten and Walmart, as well as ramp up its digital transformation to become Japan’s top omnichannel retailer.
Executive Editor The move from Walmart is the latest development in the retailer s bid to attract more shoppers to its e-commerce offering.
Walmart is taking yet another step in its battle to compete with Amazon and other retailers on same-day delivery.
Walmart is removing the $35 order requirement for its Express delivery service just a few months after scrapping the same minimum order rule from its Walmart+ subscription service.
The move from Walmart is the latest development in the retailer s bid to attract more shoppers to its e-commerce offering. Walmart s growth in the e-commerce segment has been higher than Amazon in the last three fiscal quarters of the pandemic as the company has attracted scores of shoppers to its grocery pickup service during the pandemic.
Vaccinations the rollout of which retailers are supporting could help lift consumer spending, the NRF says.
The ongoing vaccination rollout in the U.S. an effort supported in large part by retailers will help spark more consumer spending this year, and lead to year-over-year retail sales growth of between 6.5% and 8.2%, according to the National Retail Federation (NRF).
Its latest annual forecast predicts retail spending of more than $4.33 trillion this year a year when all hopes are focusing on getting back to some type of normal, a situation that leads to more retail revenue and other good economic news. The NRF report adds reason for cautious but solid optimism about those issues.
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