Alibaba Takes on Walmart in China With $3.6 Billion Investment in Hypermarket Chain

HONG KONGࢀ"Chinese e-commerce giant Alibaba Group Holding Ltd. said it would pay $3.6 billion to take control of Chinaࢀ™s largest big-box retailer and a major rival to Walmart Inc. WMT 0.12% in the worldࢀ™s most populous nation. The coronavirus pandemic, which kept many people confined to their homes for long periods, has accelerated a shift by consumers to online shopping. Like in the U.S., supermarket sales in China have been one of the retail industryࢀ™s bright spots, thanks to consumers stocking up on food and other household essentials during government-mandated closures of many restaurants and eateries. The countryࢀ™s supermarkets have…