Amazon to buy Whole Foods Market for $13.7 billion
Amazon has agreed to shell out $13.7 billion to buy Whole Foods Market, a stunning move to boost its grocery business even as the brick-and-mortar retail sector continues to sink under the weight of e-commerce.
In the grocery realm, Amazon has opened to "click and collect" stores in Seattle where customers can order online and then drive through to have their groceries loaded directly into their cars at a predetermined time. In addition, its Amazon Fresh grocery delivery service, is available for $14.99 a month in selected markets. But acquiring Whole Foods, with its 450 stores nationwide, represents a dramatic departure from its early business model founded on online retailing and related technology.
Amazon has been testing the waters in brick-and-mortar operations over the past several years as it looks to increase its market share by being where its customers want it in whatever form they want. It has opened eight physical bookstores, with five more coming soon.
Well, that is amusing...
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