Target Buys Same Day Delivery Service, Shipt, For $550 Million

Yesterday, Target announced it had ponied up $550 million in cash to purchase Shipt Inc., a three-year-old same-day delivery service out of Birmingham, Alabama. The acquisition - expected to close at year's end - will bring same-day delivery service to about half of Target's stores nationwide by early 2018, with plans to expand to the majority of stores in all major markets come Christmas time next year.

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