December 13, 2017 / 4:00 PM / a year ago

Target to buy Shipt, promises same-day delivery by end-2019

CHICAGO, Dec 13 (Reuters) - Target Corp will buy grocery delivery platform Shipt Inc for $550 million in cash, it said on Wednesday, promising same-day delivery across all major product categories by the end of 2019.

The Minneapolis-based retailer said it would roll out same-day delivery for groceries, essentials, home products, electronics and other items at about half its stores by early 2018.

Shipt’s services, which cost $99 a year for unlimited deliveries made by more than 20,000 personal shoppers, will be at most Target stores before the 2018 holiday shopping season, the retailer said.

Target, like other traditional retailers, has invested heavily this year in digital business and delivery options, hoping to win back customers that have turned increasingly to the speed and convenience of online retailers such as Amazon.com Inc.

Reporting by Richa Naidu; Editing by Susan Thomas

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