Here's a look at some of the big moves in the stock market following news of Amazon's acquisition of Whole Foods Market. Shares of other grocery-selling chains like Kroger, Target, Sprouts Farmers and Costco experienced a dip after the announcement.
The deal brings to a head a years-long battle brewing between Amazon and traditional retail powerhouses such as Walmart. Whole Foods will keep operating stores under its name and John Mackey will stay as CEO, with headquarters in Austin, Texas.
"Amazon is an innovative company and we are excited about our partnership".
Amazon is expected to thoroughly transform Whole Foods Stores, expanding them beyond being grocery stores to integrate them into their broader operations, perhaps including technology retail, and online-purchase ability.
The acquisition stands as a huge boost for Amazon's strategy to integrate the brick-and-mortar model into its business. "They could close them down and just turn them into warehouses and I think they could justify the price".
Convenience. More of our shopping visits are digitally enabled, and this is going to continue to grow.
The S&P 500 consumer staples tumbled 1.7 percent - its biggest drop since November a year ago. "They're doing an incredible job and we want that to continue". Now he has his eye on the grocery business - and the way you get your produce may never be the same. But there have been challenges. Has that been a problem for Amazon?
"This will make Whole Foods much better than they have been", he said. He's got professional respect for Amazon for how efficiently and successfully it runs its business. This deal gives Amazon a major foothold in that space.
Amazon.com just bought its way to the top of the food chain.
This deal points towards Amazon's big focus on the grocery business, especially in the US.
Fresh herbs for sale are pictured inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Its special mission is to pick companies that it deems "socially responsible", not just those likely to generate the highest profits.
Today, though, you might be forgiven for thinking he's changed his mind.
Amazon will gain over 460 stores nationwide - including more than 80 in the state of California. The stores could teach cooking skills, hold classes and educate about food.
There's also the "grocerant" trend - a blending of grocery stores and restaurants. Smith, the L2 consultant, said Amazon's technology and operational efficiency could improve Whole Foods' operating margins. Whole Foods itself had launched an offshoot chain named after its "365" private label brand in a nod to the popularity of no-frills chains.
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