Economy

Target to Acquire Grand Junction as a Last-Mile Fulfillment Solution

Target to Acquire Grand Junction as a Last-Mile Fulfillment Solution”

"With this acquisition, Target will have immediate access to Grand Junction's technology and carrier network, which will accelerate the work we're doing to improve our speed of delivery". Grand Junction handles the same-day delivery service for Target's store in Manhattan's Tribeca neighborhood.

The move is one more step in an effort to deliver packages to customers more quickly and efficiently, according to a statement from Target's chief supply chain and logistics officer Arthur Valdez. Terms of the transaction have not been disclosed. "This acquisition is part of Target's ongoing efforts to strengthen Target's supply chain to provide greater speed, reliability and convenience for guests".

San Francisco-based Grand Junction connects retailers and other distributors to more than 700 carriers across North America, and now handles same-day delivery service for Target's store in Manhattan's Tribeca neighborhood, Target said in a release.

Grand Junction coordinates about 6 million local deliveries a month but will drop service to CVS and Office Depot.

Target has dabbled with same-day delivery, initially rolling out a pilot program in Minneapolis, Boston and Miami in 2014. Howard said he's not anxious about the lost business, as "the pie in local delivery is getting larger".

Notably, Howard will become vice president of technology at Target. Upon deal close, Grand Junction's employees will become Target team members.

Investors reacted positively to the news, with Target stock rising over 1% in morning trading on Monday.

Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure.



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