Today, Walmart announced that it has appointed a new head to lead its investment branch and startup incubator, Store No. 8. The position will be held by Scott Eckert, former Executive-in-Residence (EIR) at Bain Capital Ventures, who will be replacing Lori Flees. Flees previously held two roles with the company and will continue to serve in the capacity of her other position, working as Senior Vice President of health and wellness at Walmart’s Sam’s Club brand. This news came by Reuters, which received a memo of the announcement from Marc Lore, the co-founder of Jet.com and CEO of Walmart’s U.S. e-commerce devision. The memo was initially given to Walmart, Inc. employees today.
In it, Lore stated that Eckert has “built companies, raised substantial venture capital and brought disruptive technologies to market.” “He has a record of turning innovative ideas into successful businesses and building them to scale, either within large organizations or as stand-alone companies,” said Lore.
More About Walmart’s Store No.8
Store No.8 was founded in February, 2017 by the retail giant, shortly after, Walmart begin announcing the controversial acquisitions of trendy retailers like ModCloth and Bonobos. Store No.8 is located in San Bruno, CA, in the heart of Silicon Valley. It’s mysterious name is said to derive from an Arkansas location where founder, Sam Walton spent countless hours creating experiments. Since its inception, it has acquired a variety of innovative startups under its brand including JetBlack, a same-day delivery service. The incubator hub aims to create and acquire technology driven startups that can transform the retail industry by shaking things up in fields like, robotics, virtual reality, augmented reality, as well as others.