Most other retailers had reported flat or declining traffic in previous quarters due to the shift in consumer preferences to online shopping and increased spending on experiences rather than physical goods. The U.S. retail sector grew 2.6% y-o-y in the third quarter (Aug-Oct 2016) owing to several factors, including growth in wages, steady hiring by employers and moderate gasoline prices. On the international front, Wal-Mart announced a $50 million strategic investment in New Dada, China's largest local on-demand logistics and grocery O2O e-commerce platform.