Amazon will be launching grocery stores around the country, starting in L.A.
, to 10 stores. People familiar with the matter said last year that the company planned to open as many as 3,000 of the convenience stores, including up to 50 in 2019.Food retailers’ stocks all fell on the news. Kroger Co. — the nation’s biggest traditional grocer, whose chains include Ralphs and Food 4 Less — dropped as much as 6.4%. Walmart Inc. and Costco Wholesale Corp. also declined. Target Corp., which gets about 25% of its sales from food, lost ground too but then recouped its losses.
Amazon’s $13.7-billion purchase of Whole Foods signaled the company’s intent to break into the $840-billion grocery market, but its presence there is much smaller than the likes of market leader Walmart Inc., which operates 4,750 grocery stores. Some analysts saw Whole Foods — which stocks a limited selection of items, in contrast to Amazon’s preference for selling a wider range of items — as a starting point for Amazon in physical grocery retail. The company has since started delivering groceries from the shelves of Whole Foods locations across the United States.
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