Afternoon Coffee: Amazon May Open as Many as 400 Bookstores, US Services Sector Growth Takes a Hit

A few months after opening its first physical bookstore in Seattle, Amazon may open another 300 to 400 more brick-and-mortar bookstores. News of the possible expansion came from Sandeep Mathrani, chief executive of the mall operator General Growth Properties.

Growth in the U.S. services sector is slowing: Markit’s purchasing manager’s index hit 53.2, the lowest in more than two years, and ISM’s non-manufacturing index fell to 53.5, the lowest since March 2014.

United Parcel Service Inc. announced its fourth quarter profits tripled thanks to a boost in packaging sent via air and higher prices during the holiday season. UPS CFO Richard Peretz also said the company was not concerned about Amazon becoming a competitor as it expands its own freight services.

The Federal Maritime Commission has directed Commissioner Rebecca Dye to lead an initiative aimed at curbing congestion at  the ports of Los Angeles and Long Beach on the West Coast. Dye will work with the private sector to identify commercial solutions and form supply chain integration teams to address the issues at the ports.


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