Nearly $29 Billion In Market Cap Wiped From Amazon's New Rivals In Grocery Space
Amazon's dramatic push into the grocery space with its planned acquisition of Whole Foods has wiped nearly $29 billion from the aggregate market cap of rivals in the grocery category. Wal-Mart Stores lost over $14 billion in market value, Costco's market cap fell by more than $5 billion, and Target and Kroger each saw a reduction of more than $3 billion. U.S.-listed shares of Ahold Delhaize , which owns U.S. chains including Giant and Food Lion, saw its value drop by nearly $2 billion. Smaller rivals including Supervalu , Sprouts and Weis Markets also nursed heavy losses.
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