Walmart Confirms Launch of Rival to Amazon’s Prime

Walmart confirmed it’s developing a competitor to Amazon’s juggernaut Prime membership program. The company declined on Thursday to offer details, but a spokeswoman said it will be called Walmart+.

The initiative comes as Walmart is locked in an arms race with Amazon to bring packages faster and faster to customers’ homes. Amazon’s Prime $119 per-year membership program includes such perks as unlimited next-day shipping on more than 10 million items as well as free streaming of music, TV shows and movies.

Walmart Inc. recently rolled out a program offering customers the option to pay a yearly $98 fee or a monthly $12.95 fee to receive unlimited same-day grocery deliveries from nearly 2,000 Walmart stores.