Jul 5, 2017

Ocado insists it will benefit from Amazon’s Whole Foods deal

Amazon's push into the grocery market through the acquisition of Whole Foods will be positive for Ocado's plan to reinvent itself as a seller of automated retail technology, the chief executive of the UK online food delivery company has insisted. "Grocery retailing is changing and we are ideally positioned to enable other retailers to achieve their online aspirations," Mr Steiner said, as Ocado reported first-half results that showed falling profits, rising debt and investment and a decline in average customer spending. Ocado last month announced a long-awaited partnership with an unnamed international retailer which will pay the British group for access to its website software and other technology. Ocado did not announce the name of the retailer in its results. Mr Ibbotson added that Ocado "Needs a retail giant to buy up its tech or take it over, and soon".

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