Sears’ revenue dropped $3 billion in 2016. Macy’s net income dropped 43 per cent, and JC Penney generated $5 billion less revenue in 2016 than it did in 2011.
But in the last year alone, Amazon captured almost $102 billion more stock price growth than all of its retail competitors combined.
What’s happening? Is it a retailpocalypse?
It almost seems that way, especially with Amazon’s recently completed acquisition of Whole Foods. Amazon cut food prices by almost half immediately, and $40 billion in market value vanished from new grocery competitors Kroger, Costco, Target, and Walgreens overnight.
Amazon certainly makes a convenient target …