Topline
Amazon will adjacent its beingness clothing stores adjacent week aft astir 17 months of operation, marking different group of brick-and-mortar shutdowns for nan company, which has closed a large number of bookstores, pop-ups and convenience stores since past year.
One of nan stores was located astatine The Americana astatine Brand promenade successful Glendale, California.
MediaNews Group via Getty ImagesKey Facts
The 2 stores will adjacent Nov. 9 arsenic Amazon looks to prioritize beingness unit successful nan shape of its market shop businesses, Amazon Spokesperson Kristen Kish told Forbes successful a statement.
The stores employed a fewer 100 group while open, according to Bloomberg, which first reported nan story.
Amazon is “working closely” pinch nan stores’ labor to thief them find caller roles wrong nan company, Kish said, adding Amazon would attraction connected its online apparel platform, which raked successful astir $41 billion successful income successful 2020.
The closures travel much than a twelvemonth aft Amazon shuttered all 68 of its brick-and-mortar bookstores, pop-ups and shops successful nan United States and United Kingdom past year.
Big Number
Nearly $5 billion. That’s really overmuch successful income Amazon’s beingness stores generated successful its latest quarter, a fig mostly dwarfed by nan tech giant’s online store, which brought successful much than $57 cardinal for nan institution successful nan aforesaid period.
Tangent
Amazon’s banal roseate a fraction of a percent Thursday and closed astatine $138.07. This twelvemonth has been benignant to Amazon’s stock, which started 2023 trading astatine $86 a share.
Key Background
The apparel stores offered brands ranging from Champion and Calvin Klein to Levi’s and Steve Madden, and featured a tech-infused shopping format that utilized QR codes to nonstop apparel to checkout aliases an interactive styling room. Amazon’s market stores, including Amazon Fresh, Whole Foods Market and Amazon Go convenience stores, are a ample contributor to its beingness shop revenue. The market stores are thing nan institution is actively expanding pursuing a region earlier this twelvemonth caused by underperformance. Chief Financial Officer Brian Olsavsky said during nan company’s 2022 4th fourth net telephone that Amazon was deed pinch a $720 cardinal impairment during nan quarter, pinch Amazon Fresh and Amazon Go accounting for nan astir of nan figure. Amazon said successful March it would close eight of its Amazon Go stores, citing a portfolio assessment.
Further Reading
Amazon Is Closing Style Apparel Stores arsenic Grocery Push Ramps Up (Bloomberg)
Amazon Earnings: Best Profits Since 2021—But Holiday Quarter Sales Expected To Fall Short (Forbes)
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