Uber Technologies, Inc. (NYSE:UBER) announced Wednesday that it is expanding its grocery delivery footprint by adding more than 375 Wakefern Food Corp. supermarket locations to Uber Eats, strengthening its reach across the Northeast and giving customers more options for everyday purchases.
Uber Adds More Than 375 Supermarkets
Customers can now order from Wakefern banners including ShopRite, Price Rite Marketplace, The Fresh Grocer, Morton Williams, Dearborn Market, Di Bruno Bros., Fairway Market and Gourmet Garage through Uber Eats.
The partnership gives users access to produce, meat, seafood, prepared foods, pantry products and household essentials, with both on-demand and scheduled delivery.
Uber Eats is offering eligible customers discounts of up to 30% on their first order from participating Wakefern banners. Eligible Uber One members can also receive a $0 delivery fee.
The expansion gives many family-owned and operated Wakefern supermarkets another digital channel to reach customers.
See More: Top Value Stocks
Grocery Marketplace Continues To Expand
The Wakefern partnership builds on Uber Eats’ continued investment in grocery and retail as the company adds national and regional supermarket brands to its platform.
Uber said its grocery marketplace continues to see strong growth across North America as more consumers use on-demand delivery for everyday essentials.
Prashant Garg, Head of North America at Uber Eats, said adding more than 375 supermarkets helps Uber build a marketplace that can serve purchases ranging from full weekly grocery trips to last-minute ingredients.
The partnership broadens Uber Eats’ grocery selection while extending the platform’s reach through established neighborhood supermarket brands across the Northeast.
Grocery Expansion Opens Another Growth Avenue
Uber is investing in grocery and retail delivery as a long-term growth driver, even as management prioritizes expansion over near-term margin gains.
Last November, DA Davidson analyst Tom White said Grocery and Retail gross bookings have reached a $12 billion annual run rate and are growing faster than restaurant delivery.
He views Uber’s disciplined reinvestment across grocery, affordability and other new businesses as supporting sustainable long-term growth.
Top ETF Exposure
- Pacer US Cash Cows Growth ETF (NYSE:BUL): 4.96% Weight
- Pathfinder Focused Opportunities ETF (NASDAQ:PFOE): 4.97% Weight
- Cambiar Aggressive Value ETF (NYSE:CAMX): 4.72% Weight
Significance: Because UBER carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
UBER Price Action: Uber Technologies shares were down 1.08% at $72.33 at the time of publication on Wednesday, according to Benzinga Pro data.
Image via Shutterstock
Login to comment