May 21, 2019

Grocery Chain Stock Prices Down Following News Of Amazon's New Supermarkets

08 March 2019, 05:54 | Hattie Nash

Grocery Chain Stock Prices Down Following News Of Amazon's New Supermarkets

Grocery Chain Stock Prices Down Following News Of Amazon's New Supermarkets

The Wall Street Journal pointed out that the new chain isn't meant to compete directly with Whole Foods since it's expected to sell cheaper products.

Since its $13.7B acquisition of Whole Foods, Amazon has expanded several supermarket services, adding Prime discounts and delivery at Whole Foods and launching a line of cashierless Amazon Go stores. Apparently, the report claims, Amazon wants to take on the traditional grocery market where companies such as Albertsons, Kroger, Publix, and Walmart reign.

According to a report from The Wall Street Journal, Amazon is planning to open a chain of grocery stores across major USA cities. Stock prices of companies like Kroger, Costco, Sprouts, and Walmart, immediately reacted following the spread of the news. In addition, Amazon is in talks to open outlets in San Francisco, Seattle, Chicago, Washington, DC, and Philadelphia.

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Leases have already been signed for two more stores to be launched in early 2020.

Amazon may even expand this grocery footprint by acquiring smaller grocery chains that have a dozen or so locations.

"Amazon continues to show itself to be anti-union and anti-worker", a member of the Whole Worker organising group, which has attempted to unionize WFM employees, told Gizmodo, "We expect the same poverty wages, poor working conditions & disregard of labour rights to arise there".

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"Amazon clearly has significant opportunity in the middle of the market, which a new concept could serve well", the KeyBanc Capital Markets analyst Edward Yruma wrote in a note to clients on Friday. The company previously launched its Amazon Go convenience stores, which are basically brick-and-mortar automated locations where customers can pick up their goods without using physical money or going through cashiers.

When directly asked about their alleged plans to open up their own supermarket chain, Amazon representatives have so far declined to comment on the matter.

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