Amazon is expected to close its bookstores and some other brick-and-mortar outlets
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Amazon (AMZN
+0.7%) plans to pivot even further away from its small brick-and-mortar footprint after deciding to close all 68 of its physical book stores, pop up shops and 4-star stores in the United States and United Kingdom, according to a Reuters exclusive.
The Seattle e-commerce giant surprised some retail watchers in 2016 by opening physical stores in large cities to get closer to consumers and compete with Barnes & Noble and electronics retailers in a few high-traffic areas.
Amazon execs indicated the company will continue to work on other brick-and-mortar concepts, such as a fashion store in greater Los Angeles and the cashierless grocery store concept. Amazon (NASDAQ:AMZN) also owns the Whole Foods grocery chain.
The decision by Amazon is not likely to lead to any big analyst revisions. See all the consensus expectations on Amazon.