Economics
In Faddish China, Even Glorified Vending Machines Raise Billions
- Fear of missing out grips Chinese investors in unmanned retail
- About a score of startups have attracted at least $1.7 billion
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Chinese offices aren’t known for cushy perks. So imagine Ben Jiang’s surprise when he showed up one morning to find a bright pink kiosk in the lobby, laden with fruit, yogurt and steamed buns. The brainchild of Mr. Fresh -- one of Beijing’s buzziest startups -- its free-standing shelves don’t lock away or even tag its wares, just ask that shoppers scan smartphone codes to pay for whatever they grab.
Unsurprisingly, a mini free-for-all ensued.