Amazon is closing its physical stores in the US and UK

Due to the slowdown in its operations, Amazon decided to close 68 physical stores across the United States and the United Kingdom. The decision affects Amazon Books and the Amazon 4-star and Amazon Pop Up stores.

Until the closing of this memorandum edition, the company has not yet informed the reason for the determination. version of media like CNBC They attribute it to the fact that “sales growth of physical store units has lagged especially with respect to the company’s retail business.”

For example, they detailed that their traditional outlets or stores such as Whole Foods “reported lower sales in 2021 than in 2018.” In fact, the stores had their worst quarterly performance since 2001 and the company’s stock is down 8 percent so far this season.

In a statement, Amazon said it “remains committed” to building long-term physical retail concepts and technologies. The proof is the recent opening of Style, where it sells clothes.

CNBC added that the retail giant did not specify a store closing date or how many people could lose their jobs. However, it said it would “help affected employees find positions elsewhere in the company.” Those who choose to leave will be offered a severance package, he said.

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Roderick Gilbert

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