Amazon scared investors away from competing grocery stores today when it acquired Whole Foods for $13.7 billion. Wal-Mart, Target, Costco, Kroger, and more all saw their share prices sink dramatically.
Amazon’s ecommerce empire, sophisticated trucking distribution network, advanced technology, and deep pockets could all help Whole Foods run circles around its old-fashioned rivals.
As of 11:45am eastern, here’s the grim state of the rest of the grocery industry:
- Amazon: +2.91% to $992.21
- Wal-Mart: -6.02% to 74.16
- Target: -9.52% to $51.14
- Costco:…