High inflation and slowing consumer spending has weighed on Amazon's (AMZN) business recently, but the online retailer continues to invest in its Amazon Fresh grocery business. Amazon CEO Andy Jassy wrote in his annual shareholder letter that grocery presents a big opportunity and that the will company will have to expand the footprint of physical stores. But one analyst told Yahoo Finance's Dave Briggs that it doesn't have expertise in that industry to be successful. "The problem, really, here is not that they can't open more stores. I think they need expertise to open these grocery stores. Grocery is a very different business," Bloomberg Intelligence Senior E-Commerce & Athlesiure Analyst Poonam Goyal said. She goes on to recommend the company needs to "hire someone who knows the grocery business inside out and knows how to build it at scale."Key Video Moments:0:09 Opening grocery locations at a slow pace0:26 Amazon does not have the expertise they need Read More...
High inflation and slowing consumer spending has weighed on Amazon’s (AMZN) business recently, but the online retailer continues to invest in its Amazon Fresh grocery business. Amazon CEO Andy Jassy wrote in his annual shareholder letter that grocery presents a big opportunity and that the will company will have to expand the footprint of physical stores.
But one analyst told Yahoo Finance’s Dave Briggs that it doesn’t have expertise in that industry to be successful. “The problem, really, here is not that they can’t open more stores. I think they need expertise to open these grocery stores. Grocery is a very different business,” Bloomberg Intelligence Senior E-Commerce & Athlesiure Analyst Poonam Goyal said. She goes on to recommend the company needs to “hire someone who knows the grocery business inside out and knows how to build it at scale.”
Key Video Moments:
0:09 Opening grocery locations at a slow pace
0:26 Amazon does not have the expertise they need
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