When the tech giant Amazon announced that it was deliberating on where to set-up its second headquarters, this ignited a bidding war from different cities in the country.
Amazon received 238 proposals and in January announced the 18 finalists that included L.A. and Chicago. But this month, the Seattle-based company finally made its decision.
Amazon, which is the world's third-most valuable company, is investing $5 billion to build the new office and will be getting $2 billion in tax credits.
The new developments are expected to create over 25,000 jobs in both the NYC and D.C. areas.
So why did Amazon pick these cities?
"Amazon talked up Long Island City’s breweries, waterfront parks and easy transit access. Rents there are typically lower than in Midtown Manhattan, which is just across the East River. The former industrial area also has a clock counting down the hours until the end of U.S. President Donald Trump’s first term in office," writes "Reuters."
But not everyone thinks this is a win for NYC.
“Our subways are crumbling, our children lack school seats, and too many of our neighbors lack adequate health care,” said Michael Gianaris, New York State Senator and Jimmy Van Bramer, City Council Member in a joint statement. “It is unfathomable that we would sign a $3 billion check to Amazon in the face of these challenges.”
The other office in Arlington, Virginia is close to the U.S. capital and Amazon is bidding for a $10 billion cloud-computing contract from the U.S. Department of Defense.
Both of these areas had quality schools and helicopter landing pads.
These new offices are just part of Amazon's plans to rule the E-commerce space.
Read more about the company's decision at "Reuters."
When the tech giant acquired Whole Foods, the food industry was forever changed.
It meant the company saw potential in the organic grocery and specialty food sector too.
Check out The Barron Report episode below to see how this acquisition impacted the industry and how the company is expected to steal customers from not only other retail giants and grocery chains but from foodservice businesses too.