Walmart Exec Bets Big on Suburbs in Stealth Ghost Kitchen Startup
The mass influx of ghost kitchen startups into major metropolitan cities has left another area wide open for the taking — high-income suburbs. They may be the final frontier of food delivery, dominated by a small handful of mom and pops. It’s an opportunity that Marc Lore, President & CEO of Walmart eCommerce is looking to capitalize on in his next venture, Food Truck Inc.
Lore is a serial entrepreneur who sold Quidsi (owner of Diapers.com) to Amazon for a rumored $500mm and most recently Jet.com to Walmart for $3.3bn. He is no stranger to the online grocery space, having recently shut down its “City Grocery Experience” in New York that aimed to compete against Fresh Direct, Peapod, and Amazon with its curated selection of purveyors.
While Lore signed a five-year non-compete with Walmart in 2016, his brother Chad has been heads down building Food Truck, which will license regional brands and cook them inside hybrid vans outfitted with ventless electric kitchens. He spent the past 11 years at Deutsche Bank, most recently as a managing director. It is not far fetched to assume that Marc has been advising the company and would join his brother…
