News Snapshot:
HONG KONG—Chinese e-commerce giant Alibaba Group Holding Ltd. said it would pay $3.6 billion to take control of China’s largest big-box retailer and a major rival to Walmart Inc. WMT 0.12% in the world’s most populous nation. The coronavirus pandemic, which kept many people confined to their homes for long periods, has accelerated a shift by consumers to online shopping. Like in the U.S., supermarket sales in China have been one of the retail industry’s bright spots, thanks to consumers stocking up on food and other household essentials during government-mandated closures of many restaurants and eateries. The country’s supermarkets have...
