Customers scan the Taobao app on their smartphone when they walk in, grab what they want from inside the store and step out through a door with computer sensors that can detect what the customer took from shelves. The bill for those items is sent directly to the customer's phone via Alibaba's Taobao e-commerce app.
Taobao's Tao Café is selling food, drinks and gifts as a 2,152 square-foot pop-up. Alibaba's marketing chief said the company isn't planning on making a move into the restaurant business with more cafes, but rather, "it's about [moving digital users] to an offline store."
Amazon Go has one location in Seattle opened only in beta testing for the company's employees, but its recent bid to buy Whole Foods Market (WFM) suggests it might be ready to expand its grocery operation.
Alibaba stock traded up 2.1% by Wednesday's close. Amazon shares traded up, as well.
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Money is just being given away: Warren Buffett donated roughly $3.17 billion of Berkshire Hathaway Inc. (BRK.A) (BRK.B) stock earlier this week to the Bill and Melinda Gates Foundation and four family charities.
It is the 86-year-old billionaire's largest contribution in his plan to give away his fortune. In 2010, Buffett, Microsoft Corp. (MSFT) co-founder Bill Gates and his wife created The Giving Pledge, a project that encourages billionaires to give more than half of their wealth to philanthropy. TheStreet takes a look at some of the wealthiest people who have pledged to give their money to charity when all is said and done.
A return of a bothersome issue for Walmart: Beginning in 2013, reports began circulating that Walmart Stores Inc. (WMT) was dealing with an out-of-stock issue at its stores nationwide.
At the time, Walmart attributed the problem to a reduction in employees as it worked to cut costs. Fast forward to 2017, and the issue appears to be resurfacing, reports TheStreet's Lindsay Rittenhouse.
The purchase of Square would give PayPal increased acceptance with bricks and mortar retailers, Loop Capital analyst Joseph Vafi writes in a new note. All in, the deal would further PayPal's efforts to become a "true, two sided network," according to Vafi.
Vafi estimates PayPal would be able to pay a 30% premium for Square, valuing the company at more than $12 billion using current prices.
Tesla gets some more love: Shark Tank Star Kevin O'Leary said Tesla (TSLA) CEO Elon Musk is a modern day Michelangelo. "He is a genius - I can't say enough good things about what he does for all sectors that he gets involved in," O'Leary told TheStreet's Scott Gamm in an interview.
Although to be fair, O'Leary is more fond of Tesla's product than its stock.
"I'm an investor and at the end of the day, I look at each opportunity to put money in harms way - one stock at a time and that's not a stock I own," he said. O'Leary is also the Chairman of O'Shares ETF Investments.
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