Target and Kroger in merger talks: report
Published: Mar 23, 2018 8:31 a.m. ET
By TONYA GARCIA
REPORTER
Shares of Target Corp. TGT, +1.77% and Kroger Co. KR, +3.46% jumped 2.7% and 6.9% respectively on a report from Fast Company that the two companies are in merger talks. The retailers began discussions last summer about a partnership, and talked again in the fall. Neither company commented for the story. Target has searched for ways to improve its grocery business. And both companies, along with the rest of the retail sector, are grappling with Amazon.com Inc. AMZN, -0.21% and its acquisition of Whole Foods Market. Fast Company points out that a number of grocers, including Kroger and Albertson's, have struck deals with third-parties like Instacart to beef up digital grocery and delivery services. And Walmart Inc. has either tested or enacted various initiatives, like curbside pick-up and in-home delivery, to remain competitive. Target announced that it was acquiring Shipt, an online same-day grocery delivery service, in December. Target shares are up 29.6% for the past year, Kroger shares are down 20.1% for the period, and the S&P 500 index SPX, -2.52% is up 12.7% for the last 12 months.
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