Amazon plans to close its 'physical stores' but not its grocery stores

Change of course for Amazon.com Inc. which announced its intention to close its 'physical stores' in the United States and the United Kingdom. But not its grocery stores.

 

Amazon.com Inc. has announced plans to close all of its 68 bookstores and toy and home goods stores in the United States and United Kingdom.

 

A pioneer in selling books online, Amazon opened its first bookstore in Seattle in 2015 and then experimented with various retail concepts: convenience stores without cashiers and stores offering toys and household items.

 

Revenue from these 'physical stores' represents just 3% of Amazon's $137 billion in revenue last quarter. These stores have failed to keep pace with the growth of the company's other businesses.

 

Amazon wants to focus more on its grocery chain and a department store concept in the future.

 

 

source : reuters.com