Amazon plans to open physical retail stores -WSJ
Amazon.com has been experimenting with small physical stores selling items like books and groceries. But now, it’s thinking bigger. The Wall Street Journal reports the online retail pioneer plans to open large physical shops akin to department stores. It says some of its first stores will likely open in Ohio and California stocked with products from well-known consumer brands. At roughly 30,000 square feet in size, the stores would be smaller than traditional department stores. Amazon declined to comment on the report. The company’s entry would follow the bankruptcies of once mighty department store chains such as Sears, Neiman Marcus and J.C. Penney. Those old-line retailers were shopping havens until the entry of online players like Amazon, discounters and fast-fashion chains. But some department stores are showing signs of life as people cooped up at home go outdoors and shop. On Thursday, shares of Macy’s and Kohl’s surged after both posted quarterly sales that topped analysts’ estimates, and they hiked their forecasts on the top and bottom lines.