Alibaba makes a move for brick-and-mortar shoppers
Alibaba is continuing its efforts to drive long-term growth by moving to acquire a Chinese retail heavyweight.
Alibaba has offered $2.6 billion to buy Intime Retail, which operates 29 department stores and 17 shopping malls across urban China.
The move would allow Alibaba shoppers to use the retailer’s e-wallet to buy goods in Intime's stores. People buying goods on Alibaba's site, Tmall, could also order products online and collect them at Intime's stores.
Alibaba’s move for Intime comes as the Alibaba Executive Chairman Jack Ma met with U.S. President-Elect Donald Trump this week to discuss the Chinese retailer's expansion plans, which could add as many as 1 million new U.S. jobs.
According to Reuters, Trump told reporters they had a "great meeting" and would do great things together. Ma called Trump "smart" and "open-minded." He said the two mainly discussed supporting small businesses, especially in the Midwest.
On Thursday Reuters reported that Alibaba is considering setting up a European logistics center in Bulgaria. Representatives of Alibaba Group, GS-Solar Company and GoldPoly Group met Bulgarian Prime Minister Boyko Borisov on Wednesday to explore investment opportunities, the government said in a statement.