Retail News

Amazon CEO says retail business is being slept on

Reported by Retail Dive, Dani James on Oct 30, 12:05 PM ET

Andy Jassy spoke in depth about AWS and AI during a Q3 earnings call, but reiterated the importance of the company’s store progress. Amazon’s online store net sales in the third quarter grew 2% year over year to $68.5 billion. The company’s physical store net sales increased at the same rate to $5.7 billion, according to a Thursday press release. CEO Andy Jassy — who spoke at length about Amazon Web Services and AI investments on an analyst call — thinks retail is still an important part of the broader business.

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More Retail News

Louis Vuitton merchant to lead Bergdorf Goodman

The Weekly Closeout: Roots CEO exits, the FTC zeroes in on price

Victoria’s Secret’s Pink leans into beauty with ‘Mini Bar’ collection

Fanatics revamps outfit curation tool with OpenAI

Most consumers aren’t using AI for product discovery, yet

Heydude wants to sell more in North America, but is unlikely to open new stores