Woolworths (ASX:WOW) share price slumps this week despite Everyday Market launch

a grocery delivery worker stands at a front door with a large box of products while an older woman holds the door open to him.

The Woolworths Group Ltd (ASX: WOW) share price is in the red this week despite the launch of its Everyday Market offering.

The retail giant’s Everyday Market – an addition to its online supermarket – was officially launched today.

It will see the supermarket’s customers able to purchase items from partner retailers such as Big W, Healthylife, and PetCulture.

However, the news hasn’t been enough to boost Woolworths’ stock out of its slump.

At the time of writing, the Woolworths share price is $38.42, 1.63% lower than its previous close and 2.2% lower than it was at the end of last week.

The retailer’s stock has also fallen 7% since this time last month.

Let’s take a closer look at the latest news from Woolworths.

Woolworths launches Everyday Market

The Woolworths share price is sinking this week despite the launch of Everyday Market.

Everyday Market will see household appliances, baby needs, toys, and pet care items added to Woolworth’s online platform and able to be purchased alongside groceries.

Items purchased through Everyday Market will be shipped by Woolworths’ partners and arrive separately from customers’ grocery orders.

While the supermarket giant officially announced the offering today, some media outlets reported on the launch yesterday.

If the new offering sounds oddly familiar, it could be because Woolworths has been piloting Everyday Market in select areas since July.

Woolworths’ general manager of Everyday Market, Lance Eerhard, commented on the new offering, saying:

We’re starting with a small group of partners and it really is just the beginning. We have ambitions to more than double our online range and offer tens of thousands of new products to our customers over time…

The response from customers during the pilot was really encouraging, with strong demand for cookware, kitchen appliances and toys. 

Woolworths share price snapshot

Despite today’s dip, the Woolworths share price has been performing well lately.

It has gained 11% since the start of 2021. It is also 16% higher than it was this time last year.

The post Woolworths (ASX:WOW) share price slumps this week despite Everyday Market launch appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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