Ocado CEO eyes US expansion after Kroger exclusivity ends
Ocado CEO Tim Steiner expects new US deals following the end of an exclusivity agreement with Kroger. The group announced 1,000 layoffs as shares fell 7% today.
The United Kingdom-based technology and online grocery firm Ocado Group plc remains optimistic about its expansion prospects in the United States. This confidence persists despite a recent decision by its key partner, The Kroger Co., to close three robotic distribution centers, a move that raised questions regarding the viability of Ocado's business model for partners with geographically dispersed customer bases.
CEO Tim Steiner stated that the expiration of an exclusivity agreement with Kroger at the end of last year has opened significant opportunities to engage with other retailers. Steiner noted that early conversations with potential new clients have been positive, with particular interest shown in Ocado's new store-based automation technology.
