Why Is Amazon Buying Up Mall Property?
Amazon.com (NASDAQ: AMZN) has been opening fulfillment centers at a rapid pace ever since it announced earlier this year that it would create over 100,000 jobs in the U.S. over the next 18 months.
But the latest company news regarding a fulfillment center caught my attention as the project will be built on land where a former shopping mall once stood. Let's find out why this former mall site is so complementary to the company's expansion plans.
Amazon posted 25% year-over-year revenue growth in its most recent quarter, but the company is experiencing even faster unit growth through its fulfillment centers to the tune of 40%. A key driver of this growth is the success of the Fulfillment by Amazon (FBA) program, which allows third-party sellers to list their products on the Amazon's marketplace while using the company's fulfillment centers to store and ship orders. Revenue from this program grew 38% year over year to almost $7 billion last quarter.
Source: Fool.com
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