Tencent comany name is displayed at a news conference in Hong Kong, China March 17, 2016. Photo: Reuters/Bobby Yip

French multinational retailer Carrefour’s China unit said on Tuesday that Internet giant Tencent, along with local retailer Yonghui Superstores, have agreed to take a stake in the company, Yicai.com reported.

The three companies plan to work together on data, smart retail, mobile payment and data analysis.

Through the cooperation, Carrefour will increase its online exposure and leverage Tencent’s advanced digital technology expertise to carry out a new smart retail project. Tencent will promote its digital payment WeChat Pay and cloud computing services in the process.

It’s not the first time that Internet companies have tried to uproot traditional grocery and department stores with new technology and develop so-called “new retail.”

Alibaba has already taken a stake in Sun Art Retail Group, while Tencent has secured a seat on the board of Yonghui Superstores.

Noticeably, following the investment, Carrefour China will remain the largest shareholder of the company.

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