FedEx Corp. (NYSE: FDX) and Walmart Inc. (NYSE: WMT) are bringing the fight to Amazon.com Inc. (NASDAQ: AMZN) with a newly expanded deal. FedEx now is planning to put 500 FedEx Office locations in select Walmart stores over the next two years.
Originally, this deal only included about 50 stores as a means to expand FedEx’s network and for Walmart to more effectively compete against Amazon.
This is the next anti-Amazon move for Walmart. While FedEx and Walmart have been up about 30% and 25%, respectively, in the past year, this move is a bet that the duo could gain even more against the Death Star that is Amazon.
These Walmart-based FedEx Office locations will offer customers convenient access to packing, shipping and printing solutions near where they shop, work and live. Customers also can conveniently direct their packages to be held at any Walmart-based FedEx Office location for up to five business days, either directly or by redirecting using FedEx Delivery Manager.
Brian Philips, CEO of FedEx Office, commented:
This strategic initiative between FedEx Office and Walmart builds on a shared goal of providing customers convenience and value, so they can save both time and money. The growth of our store network to 500 new locations brings our brand even closer to busy consumers who have told us they are seeking secure, reliable options for packing, shipping and receiving packages.
Daniel Eckert, senior vice president, Walmart Services and Digital Acceleration, added:
Our busy customers view our stores as a one-stop-shop for all the products and services they are looking for. We know shipping and printing is one such service they want to access in our stores, so we’re thrilled to expand our relationship with FedEx so that even more of our busy customers can take advantage of their pick up, drop off and printing services.
24/7 Wall St.Shares of FedEx were last seen up more than 1% at $253.21, with a consensus analyst price target of $285.00 and a 52-week trading range of $182.89 to $274.66.
Walmart shares were trading up fractionally at $87.85. The stock has a 52-week range of $69.33 to $109.98 and a consensus price target of $105.32.
Amazon was trading about 1.5% higher, at $1,568.89 a share, in a 52-week range of $833.50 to $1,617.54. The consensus price target is $1,670.66.
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