Wal-Mart acquires New York City delivery service Parcel

Wal-Mart Stores Inc. WMT, +0.40% said Tuesday that it has acquired Parcel, a New York City-based delivery service that specializes in bringing customers goods across the "last mile." Parcel delivers same-day, overnight and in scheduled two-hour windows. Wal-Mart plans to leverage the Parcel purchase to deliver to New York City customers, including same-day, and fresh and frozen groceries from Walmart and Jet.com. Parcel will also continue to service its current clients. The company has partnerships with a number of meal kit, grocery and e-commerce companies. The financial details of the acquisition weren't disclosed, but Wal-Mart said the deal "was smaller than previous acquisitions we've made this year." Among those acquisitions were women's clothing company ModCloth and menswear company Bonobos, which was bought for $310 million. Wal-Mart recently announced that it is testing a program with August Home to deliver in a customer's home, including in their refrigerator. Wal-Mart shares are down 0.2% in premarket trading, and are up 13.5% for the year so far. The S&P 500 index SPX, +0.39% is up 13% for 2017 to date and the Dow Jones Industrial Average DJIA, +0.68% is up 14.1% for the period.

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