Amazon to buy Whole Foods in $13.7B deal

Grocery chain has nearly 20 locations in LA County

TRD LOS ANGELES /
Jun.June 16, 2017 10:30 AM

Amazon agreed to buy Whole Foods for $13.7 billion in a blockbuster deal that could have a big impact on New York and L.A.’s retail real estate market.

Whole Foods, a grocery store chain, has nearly 20 locations in Los Angeles County, and is widely known as one of the most sought-after retail tenants. The retailer has been struggling with declining sales in recent years and saw its stock price lose half its value since 2013, the Wall Street Journal reported.

In April, Whole Foods announced that it will open its second 365 by Whole Foods store in L.A., on the corner of Pico and Cloverfield boulevards in Santa Monica. The first L.A. 365 store opened in Silver Lake last year.

Amazon, an online retail giant, offers grocery deliveries and buying Whole Foods could open up new ways to reach customers. The company has also been been opening brick-and-mortar stores and recently filed plans to build a 5,200-square-foot store at the Westfield Century City mall.

Whole Foods’ share price surged 27 percent following the news of the acquisition to $41.99. [WSJ]Konrad Putzier


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