Your Delivery Driver is Approaching...from Walmart; Assessing Overlap with Restaurants

Walmart is piloting restaurant delivery, a new entrant in third-party (3P) delivery that could offer incrementality and potentially favorable costs for operators and customers, though new/smaller entrants such as Amazon have historically faced hurdles. Since June 2026 WMT has added restaurants to its express delivery service in select markets, starting with in-store Subway and Dunkin locations and adding Papa John's (PZZA) as its first fully external partner. For WMT, the initiative leverages its roughly 4,600 stores (about 77% Supercenters), customer traffic and scaled last-mile network to raise delivery density, improve driver productivity and spread fulfillment costs, reinforcing the "big getting bigger" thesis and adding utility to Walmart+ (~22mn members). For restaurants, if incrementality materializes at lower marginal cost, it could be a top-line positive;