Uber Pens Deal With Grocery Chain Hy-Vee, Boosting MidWest US Footprint
Portfolio Pulse from Lekha Gupta
Uber Technologies Inc has signed a deal with grocery chain Hy-Vee to offer on-demand and scheduled grocery delivery across the Midwest region in the U.S. The partnership will increase Uber Eats' grocery selection across eight states. More than 260 Hy-Vee grocery and liquor storefronts will be available to shop through Uber and Uber Eats platforms. Uber has been expanding its grocery business in the U.S. since 2020 through partnerships with retail giants.
August 11, 2023 | 3:24 pm
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NEUTRAL IMPACT
Uber's new partnership with Hy-Vee will expand its grocery delivery service in the Midwest, potentially increasing its customer base and revenues. However, the company's shares are currently trading lower.
The partnership with Hy-Vee is a strategic move for Uber to expand its grocery delivery service, which could lead to increased revenues. However, the immediate impact on the stock price is negative, possibly due to other market factors.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100