, Columnist
Amazon’s Winning Streak Ends in New York
It can blame hubris and miscalculations about the sentiment for tech.
This article is for subscribers only.
Amazon.com Inc. isn’t an unstoppable beast after all. It was beaten in New York City by its own hubris and miscalculations.
After facing local opposition to its plan to open a large corporate office in New York, Amazon said on Thursday that it was dropping the idea altogether, along with a pledge to hire up to 25,000 for its new location over a period of years. Whether Amazon’s pullout is good or bad for New York City will be debated tirelessly by politicians and urban residents for months. It is a clear loss for Amazon and a wake-up call for all tech companies.