As of the close, no official announcement has been made by the company. An Amazon spokesperson confirmed that no announcement has been made.
The first location is touted as being down around 34th Street in New York City by CNBC. The big question is what exactly will be there. Almost certainly it will have a store featuring the Fire, Kindle and other Amazon products that have helped its sales — or which Amazon hopes will boost its sales even more.
If the information is accurate, Amazon will be open in time for the holidays.
This may seem like a stupid idea from Jeff Bezos. Now think about it if you are Best Buy, or Staples, or Radio Shack. Amazon has been a killer to those chains with its online sales convenience. Will a retail store help that war against big retail giants or will it marginalize Amazon into another me-too retailer? As a reminder, all of the others already have their own online stores — but they do not have Amazon Prime.
When news of this sort breaks it is generally confirmed or cleared up within a day.
It is hard to say that Amazon shares sold off on the news. After all, the DJIA was down about 330 points and the S&P 500 was down almost 40 points. We will blame the Amazon drop on the sell-off. That being said, having a retail destination becomes very dangerous ground for a company like Amazon.
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