Target, Walmart, CVS Team Up to Get Rid of Plastic Bags

The world’s biggest retailers are trying to replace the plastic shopping bag.

Target Corp., Walmart Inc. and CVS Health Corp. unveiled a $15 million joint initiative on Tuesday to replace plastic bags with something else over the next three years. The companies, which each contributed $5 million, aim to create a global competition to find a way to change plastic bags or make them unneeded. Walgreens Boots Alliance Inc. and Kroger Co. also plan to be involved.

Called “Beyond the Bag,” the companies want to spark research about new materials for bags or technology and delivery systems that can ...