Amazon rivalry prepped big-box retailers for coronavirus
Amazon ‘Go Grocery’ stores may move into vacant retail space
FOX Business’ Grady Trimble shows how Amazon is considering turning empty commercial space into it’s ‘Go Grocery’ stores by possibly teaming up with Simon Property Group.
Big-box retailers enjoying strong sales and profits over the past couple of weeks partially attribute their success to pre-COVID-19 pandemic efforts to take on e-commerce giant Amazon.
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Nearly six months into the global health crisis, large sellers like Walmart, Home Depot, Target and Lowes have seen positive results from expanded digital sales and delivery options.
Last week, Target Corp posted an 80% increase in earnings and Lowes saw a similar leap of 75%. Amazon.com Inc's profits doubled to a record $5.2 billion in three months through June.
CORONAVIRUS BINGE-SHOPPING HELPS BIG-BOX RETAILERS LEAVE RIVALS IN THE DUST
Although some had struggled with rising costs and complications from COVID-19 in the first few months of the year — trying to keep workers and customers safe and product moving – representatives told The Wall Street Journal Monday they were prepared.
With cash on hand to help transition to post-pandemic life, companies that had already invested in online businesses were selling what people were buying. They also had large supply networks and could frequently restock and handle the sharp increase in online orders.
Additionally, while America's smaller businesses remained closed, big-box stores like Target were deemed essential.