Amazon, Walmart, and Target Are Thriving While Dozens of Other Retailers Are Closing Stores and Filing for Bankruptcy.
Aug 23, 2020
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The pandemic is ramping up the war between Amazon, Walmart, and Target, and making them more powerful than ever
Hayley Peterson 38 minutes ago
FILE PHOTO: Amazon founder and CEO Jeff Bezos laughs as he talks to the media while touring the new Amazon Spheres during the grand opening at Amazon's Seattle headquarters in Seattle, Washington, U.S., January 29, 2018. REUTERS/Lindsey Wasson/File Photo
Amazon CEO Jeff Bezos. Reuters
Amazon, Walmart, and Target are thriving while dozens of other retailers are closing stores and filing for bankruptcy.
All three companies have benefitted from the closures of "non-essential" stores, as well as spikes in consumer spending on groceries and household goods.
Amazon, Walmart, and Target have also been well positioned to capture a surge in spending online, following years of massive investments in their e-commerce operations.
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The pandemic is fueling record growth at Amazon, Walmart, and Target, and solidifying their reign over America's retail landscape for years to come.
All three retailers reported blowout sales in the second quarter. Walmart's digital sales nearly doubled from a year earlier and Target's nearly tripled. The companies' same-store sales climbed 9% and 10.9%, respectively. Amazon's overall sales grew 40% in the quarter.