Here are your FOX Business Flash top headlines for March 2.
Amazon is calling it quits on its physical bookstores, Pop Up stores and 4-star stores, with their respective locations set to permanently close.
AMAZON ACCUSED OF VIOLATING US LABOR LAW AFTER UNION SUPPORTERS’ ARRESTS
The closures will affect a total of 68 stores across the United States and United Kingdom. Impacted stores will put up signage to notify customers about the closures. Closure dates will vary by location.
The closures impact a total of 68 stores across the United States and United Kingdom. Impacted stores will put up signage to notify customers about the closures. Closure dates will vary by location. | iStock
Amazon will work with affected employees to identify new roles within the company, including placements at nearby Amazon stores. If employees choose not to stay with Amazon, they will be given severance. Amazon did not disclose when the closures would happen or how many employees would be impacted.
News of the closures was first reported by Reuters.
AMAZON PRIME PRICE HIKE: SOME MEMBERS COULD PAY MORE THAN $139
The e-commerce behemoth’s move comes in an effort to focus more on Whole Foods Market, Amazon Fresh, Amazon Go and Amazon Style stores, as well as its Just Walk Out cashier-less technology.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,041.05 | +18.21 | +0.60% |
The company’s physical store revenue growth has struggled to keep up with the growth of Amazon’s other businesses. In the fourth quarter of 2021, the company reported $4.69 billion in physical store revenue compared with $66 billion in online store revenue.
CLICK HERE TO READ MORE ON FOX BUSINESS
An Amazon spokesperson told FOX Business the company remains “committed to building great, long-term physical retail experiences and technologies.”
This image provided by Amazon, shows how clothing could be displayed at the company’s new Amazon Style store concept. (Greg Montijo/Amazon via AP / AP Newsroom)
The company plans to open its first Amazon Style store in the Greater Los Angeles area and a new, larger Amazon Go store in Mills Creek, Washington, later this year. It will also introduce two new Starbucks Pickup + Amazon Go locations in New York City and more than a dozen new Amazon Fresh stores in the U.S. and U.K.
Other experimental retail technologies the company has introduced in recent years include Amazon One, which lets users pay for items by scanning the palm of their hands, and Dash Carts, a shopping cart with sensors that allows for cashier-less checkout.
