Whole Foods Competitors Are Already Feeling the Pressure, Stocks Tumbling
It’s being called a “foodpocalypse.”
Amazon‘s major $13.7 billion USD acquisition of Whole Foods Market is already causing a stir around the grocery industry. According to TechCrunch, several of Whole Foods’s direct competitors — companies like Costco, Dollar General, Target and Walmart — have begun to spiral downwards on the stock market. Investors are apparently skeptical about how other food stores will fare in the near future, thus causing their share prices to fall.
While stocks for brands like SuperValu, Kroger, Target and Sprouts Market have fallen more than 10% at the time of writing, Amazon surged 3.3% since news of its purchase was revealed. Look for grocers to begin digitizing and enhancing their direct consumer experience to keep up with Amazon’s ever-expanding empire.
Here’s how some of the top food stores’ stocks are faring on the market as of posting:
- Amazon: +3.3% to $995.98
- Wal-Mart: -6.36% to $74.18
- Target: -10.28% to $49.76
- Costco: -7.69% to $13.85
- Kroger: -13.44% to $21.26
- Dollar General: -5.16% to $68.59
- SuperValu: -16.22% to $3.15
- Sprouts Market: -12% to $19.73
- Smart & Final Stores: -14.09% to $9.60
- Weis Markets: -7.25% to $47.23
- Ingles Markets: -7.71% to $32.30
