Amazon.com, Inc. (NASDAQ:AMZN) is planning to open a new brick-and-mortar bookstore in Los Angeles. The online retailer has applied for a building permit this week, Los Angeles Business Journal reported, citing filings with the city’s Department of Building and Safety.
Amazon is betting big on physical stores in the United States including book shops and grocery stores.
The e-commerce giant wants to build a 5,227-square-foot store at the Westfield Century City mall, according to the city’s record. The main project application received initial check approval earlier this month but the building permit is still pending.
Amazon Bet on Brick-and-Mortar Bookstores
Amazon.com, Inc. (NASDAQ:AMZN) opened its first brick-and-mortar bookstore in Seattle in 2015.
Last year, Jeff Bezos told shareholders that the e-commerce giant will build more brick-and-mortar bookstores. “We’re definitely going to open additional stores; how many we don’t know yet,” he said about bookstores.
At the Code Conference in California, Bezos said that his company’s brick-and-mortar stores are about “satisfying a completely different need.” It’s about browsing and discovery.”
Currently, Amazon.com, Inc. (NASDAQ:AMZN) operates bookstores in Boston, San Diego, Portland, and Seattle. It is looking to build additional stores in Chicago, New Jersey, New York City, and Bellevue.
According to the online retailing giant, Amazon Books are a physical extension of Amazon.com, mixing benefits of online and offline shopping. The company’s physical bookstores showcase books chosen based on customer ratings, pre-order and sales numbers.
In other news, Amazon is considering to enter the multibillion-dollar pharmacy market. The e-commerce giant started hiring experienced people from the pharmacy space to build a team. According to a health investor, the online retailer’s entry into the pharmacy could create problems for the pharma companies.
Meanwhile, shares of Amazon.com, Inc. (NASDAQ:AMZN) closed up 0.14% on Friday. The stock is up 28% so far this year.
Billionaire investor Mark Cuban is bullish on Amazon. He upped his holdings in the company and believes that its potential for global growth is “enormous.”
“It’s the ultimate [artificial intelligence] company, it’s the ultimate start-up,” Cuban said. The investor said that the online retailer has learned the art of pre-emptive selling.