BUSINESS

Amazon's First Physical Store To Open In New York

10/09/2014 04:48 EDT | Updated 10/09/2014 04:59 EDT

NEW YORK — Amazon is planning to open its first physical store.

That's according to a report in The Wall Street Journal that said Thursday the largest U.S. e-commerce retailer will open a store in Manhattan ahead of the holiday shopping season. It cites anonymous sources familiar with the matter.

It is not clear if the store will be permanent or a holiday pop up. The newspaper says the store could function as a warehouse and a showcase for inventory.

Amazon has never opened a brick-and-mortar store but has installed pick-up lockers in major cities. It has been investing heavily in the speedy fulfilment of orders, including adding six new distribution centres and about 15 sortation centres before the holidays. It operates 40 total distribution centres in the U.S.

Seattle-based Amazon said it has made no announcements about a location in Manhattan.

Shares fell $7.33, or 2.3 per cent, to $315.37 amid a broader market sell-off on Thursday.

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