Alibaba Group Holding Ltd (NYSE:BABA) launched a 2 billion yuan ($281 million) investment on Friday to build a nationwide network of Taobao-branded convenience stores that will support its fast-growing instant commerce and on-demand delivery business, Taobao Shangou.
Instead of opening its own physical outlets, Chinese e-commerce juggernaut Alibaba will upgrade existing neighborhood stores with digital infrastructure, branding, and supply chain technology.
