The competition in the grocery industry intensified this week as three major grocers announced potentially transformative long-term strategies to gain a new edge.
Plenty operates a sustainable indoor vertical farm that can grow produce all year long. The company heavily relies on technology to grow produce, including data analytics, machine learning and customized lighting.
In its present form, the Plenty farm can grow 1 million plants at a time and process 200 plants per minute. The farm is also designed to use less than 1% of land and 5% of water versus traditional farming.
The agreement calls for Plenty to supply produce to more than 430 stores across California.
Kroger: Grocer giant Kroger Co (NYSE: KR) announced an expansion of its online marketplace business, Kroger Ship. Launched in August 2018, Kroger Ship will offer more than 50,000 items to customers across categories including natural and organic, international food, specialty items, housewares and toys.
Kroger's announcement effectively doubles its online assortment. Customers will receive loyalty rewards points and shipping will be free for all orders of at least $35.
Walmart: Retail behemoth Walmart Inc (NYSE: WMT) is piloting a new delivery service with Instacart to provide consumers with a same-day delivery option.
Walmart is testing its offering in four markets in California and Oklahoma, according to CNBC.
"The new partnership brings thousands of items — from groceries, alcohol and pantry staples to home decor and improvement, personal care, electronics and more — at everyday low prices from Walmart stores to customers' doors in as fast as an hour," an Instacart spokesperson told CNBC.
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Photo courtesy of Walmart.
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