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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 249.97+0.2%3:57 PM EST
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From: Julius Wong8/1/2022 7:05:42 AM
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Amazon takes the step ahead for massive warehouses projects despite revenue slowdown

Aug. 01, 2022 6:11 AM ET Amazon.com, Inc. (AMZN)By: Khyathi Dalal, SA News Editor 3 Comments

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Amazon (NASDAQ: AMZN) is underway planning for big new warehouse projects despite seeing a drop in its latest quarterly revenue growth in almost 20 years.

The company recently won approval to build a distribution center in western New York, and has even bigger sites in the works in Southern California and Colorado in its effort to ramp up faster delivery to consumers, as cited by Wall Street Journal.

Last week's approval of a $550M warehouse by a planning board in the Town of Niagara, N.Y., makes the site one of the first new Amazon distribution projects to move forward since the company said it was rethinking its logistics network.

The facility is termed sortable fulfillment center, considered a "first mile" facility, where goods are transported in bulk to middle-mile and last-mile locations for final deliveries to customers.

As per a Canadian supply-chain consulting firm data, Amazon's warehouse space surged to 379M sq. feet by May 2022 from 165M sq. feet prepandemic.

The data adds that Amazon so far this year has canceled, closed, listed for sublease or put on hold 25+ delivery stations and fulfillment centers across the U.S. and has delayed opening 15 more.

Amazon is expected to open some 250 more facilities in 2022.
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