What happens to Instacart in the Amazon-Whole Foods deal?
What happens to Instacart in the Amazon-Whole Foods deal?
Amazon is buying Whole Foods Market for $13.7 billion. Seen here is the Whole Foods store on Valencia Blvd. in Santa Clarita. Courtesy
20 June, 2017, 01:18
The acquisition also represents the single largest deal Amazon has made to date. (NASDAQ:WFM) in a deal valued at around $13.7 billion.
The acquisition, which has not yet received approval from the shareholders of Whole Foods Market, adds a 27% premium to Thursday's closing value of its stock.
In the first quarter this year, food-and-drink sales at American brick-and-mortar stores were down by nearly $3 billion even as grocery trips rose, according to market research firm Nielsen.
On the flip side, Amazon could use Whole Foods stores as pickup locations for deliveries, an option Amazon already offers in many cities by installing lockers at 7-Eleven and other retailers.
John Mackey will remain chief executive of Whole Foods Market, which will keep its headquarters in Austin, TX, and operate as a subsidiary of Amazon.
"I anticipate that Amazon should be able to lower the cost of Whole Foods and better enable them to compete in that market and start to bring some of those great organic products that people have liked without necessarily having to capture their whole pay check", he said. "Whole Foods Market has been satisfying, delighting and nourishing customers for almost four decades - they're doing an fantastic job and we want that to continue".
When the news broke that Amazon had agreed to buy Whole Foods for $13.7 billion, the retail food sector went a little bananas. This price tag even includes all debts that Whole Foods has.
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"We believe AMZN can work to transform the physical retail experience".
The company also has been testing sensors at a convenience store in Seattle to track items as shoppers put them into baskets or return them to the shelf. Jana had pushed to shake up Whole Foods' board of directors, among other changes.
In October, reports surfaced that Amazon was planning to build its own grocery stores. According to the analyst, the grocery industry remains one of the "largest and most under-penetrated markets" for the e-commerce giant. Amazon and Whole Foods expect to close the deal during the second half of 2017.
Meanwhile, in a letter to its customers, Whole Foods Market, Inc.
"We believe it presents an incredible opportunity to take Whole Foods Market's mission and goal to new levels and will create significant value for our stakeholders - including you, our most loyal customers". Amazon would be able to sell Whole Foods prepackaged meals, which make up about 20 percent of Whole Food's sales now, Stone says. And the key measure that retailers look at to gauge their health, revenue at stores open more than a year, has fallen for seven quarters in a row.
Dylan: But there's definitely a lot more going on here than the fact that Whole Foods has 30 locations in MA.
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