Online retail giant Amazon is reportedly planning to scrap plans for dozens of new warehouses representing tens of millions of square footage amid slowing sales growth.
Evercore ISI senior managing director Mark Mahaney provides his top technology picks and investment strategy in an inflation-driven market on 'Varney & Co.'
Amazon is reportedly scrapping plans to build dozens of warehouse facilities across the United States amid slowed sales growth. The consulting firm MWPVL says that the online retail giant is either closing or abandoning plans to open 42 facilities across the country totaling almost 25 million square feet of usable space,The firm says that Amazon has also delayed opening 21 other locations and canceled several European projects, mostly in Spain.
"Despite continued inflationary pressures in fuel, energy and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network," Andy Jassy, Amazon’s chief executive, said in a statement at the time.
Amazon will begin a seller storage servive called Amazon Warehousing & Distribution in an effort to allieviate supply chain issues.
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