In June 2017, Amazon sent shockwaves through the global grocery industry when it acquired Whole Foods Market for $13.7B.
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The combined power of Amazon’s technology, digital and logistics expertise and Whole Foods’ distinctive product offering and real estate footprint inspired the collective imagination of the industry and presented an existential threat to traditional grocers.
News of the transaction immediately sent grocery stocks plummeting with Target dropping by 12 percent, Kroger by 14 percent, and Walmart by almost 6 percent. Analysts were quick to speculate that Amazon would rapidly dominate grocery in a similar fashion to other category roll-ups.