Amazon Inks Deal to Acquire Whole Foods
- Author: Zachary Reyes Jun 17, 2017,
Jun 17, 2017, 5:14
Whether you've been a Whole Foodie for 30 days or 30 years, you have been an important part of making Whole Foods Market what it is today.
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.
"We need to get better, and we're doing that", Whole Foods Chief Executive John Mackey told Texas Monthly in an interview this month. The stocks of Hershey, Campbell Soup and Conagra all slumped 3% or more.
Whole Foods, for its part, has been around for almost 40 years ― it was founded in 1978 ― and despite criticism over its high price tags, it remains a strong brand name, and one which you could easily imagine Bezos and Amazon doing a lot with. A spokesman for Dunnhumby said it remains committed to its partnership with Whole Foods. Clearly, Amazon could bring Whole Foods delivery into the Amazon Fresh fold.
According to Amazon, Whole Foods Market will continue to operate stores using the Whole Foods brand.
Watch out, guys, because the whole world of shopping is about to change. Bezos added, "Whole Foods Market has been satisfying, delighting and nourishing customers for almost four decades - they're doing an unbelievable job and we want that to continue". Whole Foods will keep operating stores under its name. The deal is expected to finish later this year, if Amazon's shareholders approve it.
Grocery stores, which have low profit margins, have also been competing more intensely when it comes to price.
Experts say Amazon's blockbuster deal to buy the Whole Foods supermarket chain poses a threat to Canada's grocers and could force them to lower prices, enhance technology or boost their e-commerce services. The $13.7 Billion valuation is based on an amount of about $42 per share, though the acquisition is not yet finalized as it has only just been announced this morning.