It was a nice business while it lasted, grocery storefags. Now Amazon is going to do to you what he did for the mall: destroy it.
Shares of WFM are set to leap by 30% on news that Amazon will acquire it for $13.7b. As a result, KR, TGT, WMT, SFM and other peers are plunging.
Cramer offers his 2 cents.
“This is such a gamechanger. … They will now dominate food within the next two years,” the “Mad Money” host said on CNBC’s “Squawk on the Street.”
“I’m taking down numbers for everybody who sells food. Everybody. Because you can’t compete [with] Amazon. They will not let you compete,” Cramer said, noting Amazon can now “change the whole paradigm.”
Amazon did not just buy Whole Foods grocery stores. It bought 431 upper-income, prime-location distribution nodes for everything it does.
— Dennis K. Berman (@dkberman) June 16, 2017
While I love this deal for the convenience of having Whole Foods delivered to my door by a fucking drone, I do worry about what the country will look like in a decade when all of its grocery stores ate shut down thanks to Amazon.
I would not be surprised if WMT, TGT or KR entered a competing bid.If you enjoy the content at iBankCoin, please follow us on Twitter