As many companies are forced to rethink their expansion strategies, Amazon has stepped up expansion of its tech hub and tech operations in the US.
The e-commerce giant announced that it is taking over Lord & Taylor’s former store building on Fifth Avenue in Manhattan from WeWork to convert it into a 630,000 sq. ft. office space.
Hudson’s Bay Company, owner of Lord & Taylor, had sold the flagship to WeWork last February.
Apart from this, Amazon is also looking to grow its physical presence by repurposing malls as fulfillment centres.
The company will be spending a total of US $ 1.4 billion on new office, including the one on Fifth Avenue, wherein they will create 3,500 additional job opportunities for people to work on Amazon Fashion, Amazon’s Alexa, AWS, OpTech, Amazon Advertising and Amazon Fresh, among others.
The cities in focus right now for expansion are Dallas, New York, San Diego, Denver, Phoenix and Detroit.
Lord & Taylor had been a troubled retailer whose financial struggle was exacerbated by the coronavirus outbreak. It filed for bankruptcy earlier in August this year and has been announcing closure of more and more stores, leaving it with a mere 14 out of the 38 it filed for Chapter 11 bankruptcy with.