Amazon plans to ‘grow’ in physical grocery stores

CEO Andy Jassy, Financial Times’a He said the company plans to “grow” in its real-location grocery store business.

Amazon in 2017 Whole Foods’u It was bought for $13.7 billion, but the company is far from dominating the grocery market, as it is in many other industries. The company’s physical store division accounts for only 3.4% of its total business, growing around 10% since the acquisition of Whole Foods.

“We’re still in the early stages,” Jassy told the Financial Times. “We hope by 2023 we will have a format where we can move forward physically. We have a history of experimenting a lot and doing it quickly. And then, When we find something we love, we move forward by growing it, that’s what we plan to do.”

Amazon plans to ‘grow’ in physical grocery stores

Most of the layoffs that Amazon recently announced took place in the grocery division. Fresh It has closed several of its supermarkets and suspended plans to open new ones while trying to find a format and formula that works. jassy, COVID-19 In the midst of the epidemic, many Fresh locations are opening and therefore Amazon’a He said it was “not very normal”.

Physical retail The business is struggling on other fronts as well. Almost a year ago, Amazon said it was closing all of its bookstores, 4-star stores and pop-up stores in the US and UK. HE the time the goal was to focus more on the grocery side of things alongside physical clothing stores. But Amazon took a hit of $720 million last quarter as it slowed its market expansion plans.

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