Amazon’s real estate footprint ballooned in 2020

CEO Jeff Bezos announces plans to step down following massive Q4

National /
Feb.February 02, 2021 07:00 PM
Jeff Bezos (Getty, Amazon/Illustration by Alexis Manrodt for The Real Deal)

Jeff Bezos (Getty, Amazon/Illustration by Alexis Manrodt for The Real Deal)

It’s a new era for Amazon.

Jeff Bezos is stepping down as CEO of the company and transitioning to executive chair of the Amazon board. Andy Jassy, chief executive of Amazon’s cloud computing division, will become CEO during the third quarter of this year.

But, as the saying goes, the more things change, the more they stay the same. The e-commerce giant experienced another stellar quarter, buoyed by the pandemic, Prime Day and the holiday season.

The online shopping empire saw net income soar to $7.2 billion in the fourth quarter, compared with $3.3 billion during the same period last year.

Amazon has also been growing its fulfillment centers, adding 50 percent to their square footage year-over-year.

“2020 was a big build year for us,” CFO Brian Olsavsky said during an earnings call Tuesday.

The company has also grown its grocery store offerings. Amazon Fresh grocery stores expanded into seven new cities in California and Illinois, bringing the total to eight customer-facing locations and five ghost stores. Half a dozen new stores are set to open.

Beyond its warehouses and brick-and-mortar stores, Amazon unveiled plans for the second phase of construction for its headquarters in Arlington, Virginia. Amazon plans to build 2.8 million square feet of office space, which will support 25,000 jobs.

During the fourth quarter, the company also announced plans to invest $2 billion into a new Housing Equity Fund. The fund will preserve and create over 20,000 affordable housing units where its headquarters are in Washington State’s Puget Sound region; Arlington, Virginia; and Nashville, Tennessee.





    Related Articles

    arrow_forward_ios
    LVMH Chairman and CEO Bernard Arnault (right), Dacra CEO Craig Robins and the Louis Vuitton store in Miami’s Design District
    Making it rain in Miami’s Design District
    Making it rain in Miami’s Design District
    Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
    Big month for retail sales bodes well for landlords
    Big month for retail sales bodes well for landlords
    The office space (JLL)
    Amazon plans last-mile distribution center in Hauppauge
    Amazon plans last-mile distribution center in Hauppauge
    385 First Avenue and Ben Shaoul (Google Maps, Getty)
    385 First Ave requiring Bitcoin for retail condo sales
    385 First Ave requiring Bitcoin for retail condo sales
    Outdoor dining in Times Square at Tony's Di Napoli (Getty)
    Sidewalk space a hot commodity as city mulls permanent outdoor dining
    Sidewalk space a hot commodity as city mulls permanent outdoor dining
    Amazon CEO Andy Jassy with Executive Chair Jeffrey Bezos
    Amazon to open 100 more US facilities in September
    Amazon to open 100 more US facilities in September
    The Springs Tavern (Compass)
    Two East Hampton restaurants are up for sale
    Two East Hampton restaurants are up for sale
    NBA store settles rent-collection lawsuit suit with landlord Moinian Group
    NBA store settles rent-collection lawsuit suit with landlord Moinian Group
    NBA store settles rent-collection lawsuit suit with landlord Moinian Group
    arrow_forward_ios

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

    Loading...