Walmart (NYSE: WMT) shares were surging on Tuesday after the retail giant unveiled its highly anticipated challenger to Amazon (NASDAQ: AMZN) Prime: Walmart+.
For an annual membership fee of $98 or $12.95/month, the service, which officially starts Sept. 15, will offer three key benefits:
However, there's a big catch to the new membership service. Free same-day delivery won't come with just any purchase. Members still have to spend at least $35 on each order to qualify, making it not much different from the retailer's current programs, like Next Day Delivery and its current membership program, Delivery Unlimited, which Walmart+ will replace. However, Walmart's strength in groceries should help make it easy for shoppers to meet the $35 minimum threshold.
Source Fool.com