Amazon CEO Wants to Double Down on Physical Grocery Stores
The company reportedly plans to "go big" with brick-and-mortar.
Amazon CEO Andy Jassy says the company wants to "go big" on grocery stores. In an interview with the Financial Times published Monday, Jassy said Amazon is experimenting with grocery store selection and price points, and intends to double down once it finds a format that works.
"We're just still in the early stages," Jassy told the Financial Times. "We're hopeful that in 2023, we have a format that we want to go big on, on the physical side."
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Last year, Amazon shut down dozens of bookstores and other brick-and-mortar stores, leaving grocery stores as its main focus for physical stores. The retail giant is also exploring physical clothing stores.
Amazon acquired the grocery store chain Whole Foods in 2017. Since then, it has integrated its online services within the stores and plans on using its "Just Walk Out" technology for customers shopping for groceries.
There are more than 40 Amazon Fresh grocery stores. This month, Amazon will increase the price of grocery deliveries from its Fresh stores and online in order to "help keep prices low."