Amazon Go could be 200x bigger in a decade: Joe Sitt

Retailer’s cashierless store is coming to mystery location in NYC

TRD New York /
Sep.September 14, 2018 05:30 PM

Joseph Sitt and an Amazon Go store in Seattle (Credit: Wikipedia)

Amazon Go, the mega retailer’s cashierless store, already has half a dozen locations either open or in the works – including one coming to New York City.

Thor Equities president and CEO Joe Sitt thinks that over the next decade the company could have 200 times as many locations.

“Maybe I’m crazy, but I think that they’ll have at least 500, probably over 1,000 stores within 10 years from today,” Sitt predicted Monday inside the ballroom at the Mandarin Oriental Hotel at the Time Warner Center, where he gave the morning keynote at Columbia University’s real estate development conference.

Amazon on Tuesday confirmed it plans to open one of its Amazon Go stores in the city, but declined to provide the location. The company has opened three stores in Seattle, and has others planned for San Francisco and Chicago – another city where Sitt has major retail holdings.

The Thor Equities chief said he reads PitchBook.com and Fortune magazine’s Term Sheet blog every day to find out where investors are placing money, which he said is the “hyper fuel” driving change in retail.

“It’s the venture capital community and the dollars that are chasing it,” he said.

In addition to retail companies, the venture capital world is spending billions on real estate tech companies, as The Real Deal reported for its August cover story. VC companies invested $5.7 billion in proptech firms last year, compared to just $44.7 million in 2012.

 

Related Articles

arrow_forward_ios
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)

Thor Equities sues Mactaggart over latest broken deal

Thor Equities sues Mactaggart over latest broken deal
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...