Walmart has hired an executive from American Express to run its Walmart+ membership program, which a report from TheStreet called the retailer’s answer to Amazon Prime.
The new face in charge is Chris Cracchiolo, who worked for nearly two decades with American Express, according to the report. He’ll be taking over as of July 12, replacing the outgoing David Echegoyen, who is departing for a private equity firm.
Walmart+ offers subscribers unlimited free delivery, including same-day delivery for some items, fuel discounts and no checkout lines. In stores, customers can use the Scan & Go feature, which allows them to use the company’s app to pay for goods at checkout, according to the report.
While the retail giant hasn’t said how many Walmart+ subscribers there are, a report from Consumer Intelligence Research Partners found that members have been spending “far more,” per TheStreet. The service has been growing at a “modest and somewhat inconsistent pace,” according to Morgan Stanley’s estimate, which guessed it likely had around 12 million members.
Walmart CEO Doug McMillan said he doesn’t want the retail program to be the primary focus as there is much going on at the company, the report stated. For instance, the company also announced the debut of a private-label brand of analog insulin. And in April, the company said it invested in autonomous driving company, Cruise, which is majority-owned by General Motors (GM).
In June, Walmart rolled out a new service for prescription drug savings. The program, called Walmart+ Rx for Less, will allow members to access savings for prescription drugs. Some of the medications will be free while others will see discounts of as much as 85 percent.
The drugs marked down will include medications for allergies as well as high blood pressure, mental health and more. The retailer has been working on an expansion into healthcare.
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