Chinese e-commerce giant Alibaba is doubling down on brick-and-mortar.
On Monday, Alibaba announced that it had doubled its stake in the Chinese retailer Sun Art to 72%, taking control of one of China’s largest big-box chains that sells groceries and other household goods.
“As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, [Alibaba’s] commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience,” Daniel Zhang, CEO of Alibaba, said in a statement.
