Amazon’s plan behind Whole Foods takeover

Global Business

E-commerce giant Amazon has announced it’s set to acquire grocery store chain Whole Foods in a deal worth nearly $14 billion.

Taking on more than 450 brick-and-mortar stores, Amazon now hopes to change how people buy their groceries.

The move is seen as a major opportunity for Amazon to take a big bite out of a previously untapped corner of the market.

CGTN’s William Denselow reports.
Follow William Denselow on Twitter @willdenze

Blending Amazon’s online technology with the traditional grocery store. For around a year, Amazon has been trying out the idea in Seattle but is now bringing that plan to the mass market.

Amazon’s CEO Jeff Bezos said Whole Foods does an amazing job of providing customers with natural and organic food and wants that to continue under its umbrella.

Customers say they’re excited to see Amazon’s technology integrate into their stores.

This move marks the e-commerce giant’s latest push into brick and mortar retail. Amazon has just opened its seventh bookstore in the U.S., but analysts have argued the company is still ironing out the kinks as it expands its street presence; especially as Americans spend roughly $750 billion a year on groceries.

Amazon has been trying to break into the grocery market for about a decade but analysts said the impact has been largely limited. Because so many people still do their shopping in store- this deal is seen as a big chance for the company to get themselves a bigger piece of the pie.