Latest news with #AmazonFresh
Los Angeles Times
2 days ago
- Business
- Los Angeles Times
Fontana Amazon Fresh Store Sells for $17.8 Million
Sage Investco sold a 40,100-square-foot Amazon Fresh store in Fontana for $17.8 million to a private buyer. The store is the first Amazon Fresh location in San Bernardino County and opened last September to much fanfare after several years of construction. It is located in the Citrus Crossroads Shopping Center alongside Starbucks, Habit Burger Grill, Fedex and West Coast Dental. The 54,000-square-foot property was built on a 4.9-acre parcel. It was billed as a modern prototype for the grocer in Southern California, according to listing documents from brokerage firm Newmark, which represented the seller Newport Beach-based developer Sage Investco. That design integrates the store's online grocery services with home delivery and in-store pickup options. Information for this article was sourced from Newmark.
Miami Herald
14-05-2025
- Business
- Miami Herald
Popular grocery chain closes down all locations, no bankruptcy
The grocery retail sector continues to recover from the Covid-19 pandemic and faces several other challenges, such as increased food and labor costs driven by inflation and rising interest rates on commercial financing. Some grocery retailers in deep trouble will file for bankruptcy or launch out-of-court restructurings to address their financial distress. In many cases, grocery chains will opt to close or sell underperforming store locations that don't make economic sense. Don't miss the move: Subscribe to TheStreet's free daily newsletter The private owners of popular Southern grocery chain Winn-Dixie said they would close four underperforming Alabama locations in April and May. Related: Popular beer brands retailer closes locations A small Austin, Texas, grocery chain Thom's Market, which was founded in 2007, closed all three of its locations on April 20 without giving a specific reason for shutting down. A new grocery store tenant reportedly will take over all three locations, purchase Thom's remaining inventory, and continue to sell many of the same products as the previous tenant. Giant online retailer Amazon closed two of its Amazon Fresh brick-and-mortar store locations, one in Manassas, Va., on March 16, and another in Thousand Oaks, Calif., on April 27, Chain Store Age reported. "Certain store locations work better than others, and after an assessment of our offering we've decided to close our Amazon Fresh stores in Thousand Oaks, CA and Manassas, VA.," Amazon said in an email statement. And now, Boston-area non-profit grocery store chain Daily Table closed its four remaining locations on May 12, suffering the lingering effects of the Covid-19 pandemic, food price inflation, and an uncertain and difficult funding environment, the company said on its website. Related: Popular beer brand shuts down brewery, lays off employees The company needed immediate funding to continue operating, according to the website, but it was unable to secure the necessary capital. More closings: Popular retail chain to close unprofitable store locationsBankrupt retail chain unloads store leases, key assetPopular discount retailer files bankruptcy, closes all stores "With heavy hearts, we share that Daily Table will be closing our doors within the next few days" the company said in a May 9 letter on its website. "This was not an easy decision. For the past 10 years, we have had the honor of serving neighborhoods across Greater Boston, working alongside our community to make affordable, nutritious food accessible to all." The company has not indicated whether it plans to file for bankruptcy. Daily Table's stores, located in Boston, Cambridge, Roxbury and Salem, Mass., sold the chain's inventory at deep discounts until the company ceased operations. The grocery chain's Mattapan location closed on Jan. 6. The grocery chain was founded in 2012 by former Trader Joe's President Doug Rauch, who created the grocery brand to help address the challenges of hunger and obesity, according to Daily Table's website. The chain's mission was to provide affordable, high-quality, and nutritious food, regardless of a person's means. It sought to fill a gap between free food resources and traditional grocery stores, according to its website. The company partnered with a network of growers, manufacturers, and other suppliers to source high-quality food at low costs and make it available to everyone "at prices designed for even a SNAP budget." The grocery chain said that it served over 3 million people since it launched and has returned $16 million in savings to the community, while promoting its healthy food sales. Daily Table asserted that it created living wage jobs, hiring directly from its neighborhoods and promoting from within its organization, according to its website. The chain opened its first store in 2015 in Dorchester, its second location in Roxbury in 2018, a third store in Cambridge in 2021, and its fourth and fifth stores in Mattapan and Salem, respectively, in 2023. Related: Popular beer brand closes down and files Chapter 7 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Hindustan Times
14-05-2025
- Entertainment
- Hindustan Times
Polish woman awestruck as Blinkit delivers watermelon in 5 minutes: ‘India lives in the future'
A female tourist from Poland was awestruck by India's quick home delivery system via apps such as Blinkit, Zepto and Swiggy Instamart, among others. Taking to Instagram, Wiktoria, whose page is wiktoriawanders, shared a brief clip of how she ordered a watermelon for $.50 ( ₹42.58 approx) on Blinkit and got it delivered to her place within five minutes. (Also Read | Tourists blown away by airplane at iconic beach airport. Dramatic video goes viral) In the video, Wiktoria gave a glimpse of enjoying a watermelon as she sat on her bed. She sliced the fruit in half and enjoyed it with a spoon. The tourist also gave a peek at what other things she bought online, which included a mango and two bottles of water. The words in the video read, "India lives in the future. Like wdym I can order fruits for $0.50 and have it delivered to my door in 5 min?" A part of her caption read, "Can't believe we don't have that everywhere (face holding back tears emoji). (We do have it in Poland tho [relieved face and Poland flag emojis]). I love Indian apps (heart hands emoji). Day or night, I can order fruits, a cake, Uno, or literally any random thing I need (party popper emoji)." A post shared by Wiktoria | Travel & Backpacking (@wiktoriawanders) "It saves so much time, prices are super fair, and I swear, no matter where you are, it's at your door in 5 MINUTES!! (Raised hand emoji)," Wiktoria added. She wrote in the comments section. "I really thought I could eat the whole watermelon by myself…" The official page of Instamart wrote, "Hello ji." In the comments section, people gave divided opinions. A person wrote, "Poor delivery man, this won't even pay for a lollypop, let alone the gas and food." A comment read, "It's not the future, it tells us that educated youth are working for underpaid jobs." A person commented, "The audacity you people have after learning yoga, mindfulness, meditation, healing chakras from our culture, and then crying in the comment section. Madness." An Instagram user wrote, "Sorry but why Americans are crying in comment section ooo I get it they have never seen fresh fruits and veggies." Another comment read, "It's wild how people in the comment section are jealous over fresh fruits." "You guys don't have that in the west?" asked another person. Another comment read, "Didi discovered Blinkit and Swiggy Instamart." In India, apps including Dunzo, Swiggy Instamart, Blinkit, Zepto, BigBasket, and Amazon Fresh make same-day deliveries, including deliveries within five to ten minutes.
Time of India
13-05-2025
- Business
- Time of India
More Retail plans Rs 2,000-cr IPO in 2026 to aid expansion, reduce debt
Amazon and Samara Capital-backed supermarket chain More Retail is planning to raise around Rs 2,000 crore through an initial public offer (IPO), which is expected to hit the market in the calendar year 2026, a top company official said on Monday. The proposed fund-raise plan will be mostly through fresh capital infusion, with no significant offer-for-sale component, as promoters, Samara Capital and Amazon, who hold 51 per cent and 48 per cent stake respectively, are unlikely to offload their shares, he said, adding that the remaining stake is held by family offices. "We are looking at an IPO in 12-18 months, depending on valuation and market conditions. We hope to raise Rs 2,000 crore, and the current promoter dilution could be about 10 per cent," More Retail Managing Director Vinod Nambiar said. He said the funds will be used primarily to expand the store count to 3,000 by 2030 and to make the company nearly debt-free. The current debt stands at about Rs 500 crore, consisting of loans and non-convertible debentures (NCDs), the company official said. Both promoters have a long-term commitment to the business and pumped in Rs 900 crore over the past five years in addition to the acquisition cost of Rs 4,300 crore. "More Retail raised Rs 150 crore in the last 120 days from family offices to benchmark valuation," Nambiar said. The retail chain, which is expanding aggressively, is set to cross 1,100 stores soon and aims to become EBITDA-positive with Rs 60 crore profit in FY'26, he said. The company reported a Rs 65 crore EBITDA loss in FY'24, as per Ind AS accounting standards. "It will take two years to achieve PAT-level profitability," he added. The retailer is also deepening its partnership with Amazon Fresh. Currently, 270 of its stores serve Amazon Fresh, and this number is expected to rise to 370 by July, and further to 500-600 stores by the end of the current fiscal year, Nambiar said. The company's offline and hybrid store count is projected to exceed 1,100 by FY'26, while the number of 'dark' outlets will also grow from the existing 40 to 100 by then. 'Dark' stores only cater to online orders. Most of the expansion will take place in smaller towns, and during the current fiscal, Jharkhand and Odisha will be added to its footprint, Nambiar said. More Retail currently has a strong presence in South India, West Bengal, Punjab, Haryana, and the NCR, having exited from Delhi city and Mumbai. Meanwhile, Nambair said West Bengal is a key market and the company is the largest in West Bengal in terms of the number of stores. The company has 109 stores in Bengal and will add 90 outlets in the next two years.>
The Hindu
12-05-2025
- Business
- The Hindu
More Retail plans ₹2,000-crore IPO in 2026 to aid expansion, reduce debt
Amazon and Samara Capital-backed supermarket chain More Retail is planning to raise around ₹2,000 crore through an initial public offer (IPO), which is expected to hit the market in the calendar year 2026, a top company official said on Monday. The proposed fund-raise plan will be mostly through fresh capital infusion, with no significant offer-for-sale component, as promoters, Samara Capital and Amazon, who hold 51% and 48% stake respectively, are unlikely to offload their shares, he said, adding that the remaining stake is held by family offices. "We are looking at an IPO in 12–18 months, depending on valuation and market conditions. We hope to raise ₹2,000 crore, and the current promoter dilution could be about 10%," More Retail Managing Director Vinod Nambiar said. He said the funds will be used primarily to expand the store count to 3,000 by 2030 and to make the company nearly debt-free. The current debt stands at about ₹500 crore, consisting of loans and non-convertible debentures (NCDs), the company official said. Both promoters have a long-term commitment to the business and pumped in ₹900 crore over the past five years in addition to the acquisition cost of ₹4,300 crore. "More Retail raised ₹150 crore in the last 120 days from family offices to benchmark valuation," Nambiar said. The retail chain, which is expanding aggressively, is set to cross 1,100 stores soon and aims to become EBITDA-positive with ₹60 crore profit in FY'26, he said. The company reported a ₹65 crore EBITDA loss in FY'24, as per Ind AS accounting standards. "It will take two years to achieve PAT-level profitability," he added. The retailer is also deepening its partnership with Amazon Fresh. Currently, 270 of its stores serve Amazon Fresh, and this number is expected to rise to 370 by July, and further to 500–600 stores by the end of the current fiscal year, Nambiar said. The company's offline and hybrid store count is projected to exceed 1,100 by FY'26, while the number of 'dark' outlets will also grow from the existing 40 to 100 by then. 'Dark' stores only cater to online orders. Most of the expansion will take place in smaller towns, and during the current fiscal, Jharkhand and Odisha will be added to its footprint, Nambiar said. More Retail currently has a strong presence in South India, West Bengal, Punjab, Haryana, and the NCR, having exited from Delhi city and Mumbai. Meanwhile, Nambair said West Bengal is a key market and the company is the largest in West Bengal in terms of the number of stores. The company has 109 stores in Bengal and will add 90 outlets in the next two years.
