Amazon.com Inc Chief Executive Andy Jassy has vowed to double down on the ecommerce giant's struggling grocery store business, the Financial Times reported on Monday.
Jassy blamed a lack of normalcy during the pandemic for a series of stumbles and said the company was ready to"go big" on bricks-and-mortar stores, the report added.The company has paused expansion of its Fresh supermarkets and cashier-less convenience stores until it finds the right recipe for success, Jassy said, in a rare appearance on the company's quarterly results call earlier this month.
Jassy's remarks show how Amazon, which just a year ago said it would close its bookstores to focus on grocery, has yet to dominate brick-and-mortar retail since its closely watched acquisition of Whole Foods Market in 2017. For the time being, the company has closed some grocery shops and impaired certain assets. It took a $720 million charge from such actions in the fourth quarter, its chief financial officer said earlier this month.