Woolworths (ASX: WOW) share price collapses this week despite daily market launch

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

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

It will allow supermarket customers to purchase items from partner retailers such as Big W, Healthylife and PetCulture.

However, the news was not enough to pull Woolworths stock out of its crisis.

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

The retailer’s inventory also fell 7% from the same period last month.

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

Woolworths launches Everyday Market

Woolworths share price plummets this week despite the launch of Everyday Market.

Everyday Market will see home appliances, baby needs, toys and pet care items added to Woolworth’s online platform that can be purchased along with groceries.

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

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

If the new offering sounds strangely familiar to you, it may be because Woolworths has been operating Everyday Market in certain areas since July.

Woolworths Managing Director of Everyday Market, Lance Eerhard, commented on the new offering:

We are starting with a small group of partners and this is really just the beginning. Our ambition is to more than double our online offering and to offer tens of thousands of new products to our customers over time …

Customer response during the pilot has been very encouraging, with a high demand for cookware, kitchen appliances and toys.

Woolworths Stock Price Snapshot

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

It has gained 11% since the start of 2021. It is also 16% higher than at the same time last year.

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