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: – 5.89% to $169.48
  • Kroger: -12.34% to $21.53
  • Dollar General: -5.17% to $68.58
  • SuperValu: -13.56% to $3.25
  • Sprouts Market: -6.38% to $20.99
  • Smart & Final Stores: -14.96% to $9.52
  • Weis Markets: -5.30% to $48.22
  • Ingles Markets: -4.57% to $33.40

After tech octopus Amazon bought a grocery store, you can
expect the other grocery stores to acquire or invest in
building more tech to try to keep up. It seems Amazon has
realized there’s a huge opportunity in owning the staples of
the modern world, from AWS servers that run your favorite apps,
to Amazon Prime that delivers everything between packaged goods
and streaming movies, and now your local fancy grocer.

Image Credit: CNBC via Will Oremus