⚡ Get All Content for 20% Off ⚡

Amazon Aims to Open Hundreds of Brick-and-Mortar Bookstores, Mall CEO Says The comment was made by General Growth Properties CEO on an earnings call.

By Reuters

entrepreneur daily

This story originally appeared on Reuters

amazon

Amazon.com Inc plans to open up to 400 physical bookstores, an executive of a major U.S. mall operator said on Tuesday.

Amazon dipped its toe into the waters of brick-and-mortar stores with the opening of a bookstore in its home city of Seattle in November. An expansion of bookstores, which the company has not confirmed, would be a surprise reversal from the online retailer credited with driving physical booksellers out of business.

"You've got Amazon opening brick-and-mortar bookstores and their goal is to open, as I understand, 300 to 400 bookstores," Sandeep Mathrani, chief executive of General Growth Properties Inc, said on Tuesday, responding to an analyst's question after it reported earnings.

On the call, Mathrani compared Amazon's plans to similar moves by eyeware company Warby Parker or men's clothing retailer Bonobos, both of which opened physical stores after finding success online.

An Amazon spokeswoman said the company does not comment on "rumors and speculation."

Before branching out to offer everything from fresh groceries to original TV programming, Amazon got its start as a bookseller 20 years ago. It has since revolutionized the publishing industry by introducing its popular e-reader, the Kindle.

Amazon's bookstore in Seattle carries books selected based on customer ratings and popularity on Amazon.com. The storefront also provides a space for visitors to test-drive Amazon's Kindle, Fire TV and other devices.

Any move by Amazon to expand stores would further antagonize long-time rivals like Barnes & Noble Inc, the largest U.S. bookstore chain, which operated 640 bookstores across the United States as of January. Shares of Barnes & Noble fell more than 5 percent on Tuesday.

The Wall Street Journal first reported Mathrani's comments on Tuesday.

Kevin Berry, vice president of investor relations at General Growth Properties, declined to comment beyond what was said during the conference call.

(Reporting by Ismail Shakil in Bengaluru and Mari Saito in San Francisco; Editing by Savio D'Souza, Robin Paxton and Leslie Adler)

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.