Amazon plans new chain of grocery stores
By John Bowden - 03/01/19 01:57 PM EST
Amazon Inc. is planning to launch a chain of grocery stores in the U.S., with the first location set to open before the end of 2019.
The Wall Street Journal reports that the online retailer plans to move full-scale into the grocery store business with an inaugural location in Los Angeles by the end of the year and then plans for dozens more across the country.
The company is also making plans to open stores in San Francisco, Seattle, Chicago, Washington, D.C., and Philadelphia, according to the Journal.
Reuters reported that shares of other grocery store chains including Kroger, Costco and Walmart all dipped upon the news. Amazon's stocks surged 1.4 percent, according to the news service, while its competitors dropped between 1 and 4 percent.
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https://thehill.com/policy/finance/432227-amazon-plans-new-grocery-store-business