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Amazon closes 68 retail stores for grocery chain

Posted on: 03/Mar/2022 2:19:00 PM
Leading eCommerce giant Amazon announced to close more than 60 retail stores that Amazon Books in the United States and the United Kingdom. The news was confirmed late on Wednesday. 

The company has said that it is now planning to shift its focus to having more fashion and grocery stores instead. It is going to invest in Amazon Fresh Whole Foods Market, Amazon Go, and its Amazon-style shops.

Amazons spokesperson clarified that we have decided to build long-term retail physical and technologies. 

Amazon started its physical store in Seattle in 2015, and later spread its wings all over the US and abroad. The retail stores expanded with the capital of $13.7 billion of Whole Foods in 2017 with Amazon Fresh grocery shops.

Amazon is working on the concept of "Just Walk Out" cashier-less shopping technology at Amazon Go Convenience shops.

In 2021, the company confirmed the brick and mortar store business generated $4.68 billion from $4.02 billion in the year-ago quarter.

Whether Amazon is confined to the US, and UK or expanding its stores in countries like India, we need to wait and see. India is always a favorite for Amazon business so we have to wait upon time to know whether its business is spread over India or not.