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Yahoo Finance: Amazon Worth More Than 8 Largest US Retailers Combined

Yahoo Finance: Amazon Worth More Than 8 Largest US Retailers Combined

(AP/Kris Tripplaar)

By    |   Thursday, 26 January 2017 10:46 AM

Amazon.com Inc. is literally steamrolling its competitors.

With a current market cap of $390 billion, the Seattle-based retail giant is now worth more than the top eight traditional brick-and-mortar retailers combined, as Credit Suisse analysts led by Eugene Klerk mentioned in a recent note, Yahoo Finance reported.

For the record, that roster includes Best Buy (BBY), Macy’s (M), Target (TGT), JCPenney (JCP), Nordstrom (JWN), Walmart (WMT), Kohl’s (KSS) and Sears (SHLD).

“That’s an impressive, even astonishing feat, no doubt, given Amazon was founded in chief executive Jeff Bezos’ garage in 1994," Yahoo Finance reported.

"But it’s not exactly shocking, given the rapid transition over the last 20 years away from shopping in physical retail stores in lieu of online shopping, where retailers like Amazon can offer lower pricing on products and services because they don’t have to offset the costs of also paying for physical stores," Yahoo Finance reported.

"It also helps that Amazon has invested heavily in building out new warehouses to reduce delivery time of items from weeks and days to hours, in some cases.”

For its part, Amazon recently said it would create more than 100,000 full-time jobs in the United States over the next 18 months.

The staffing will help the e-commerce giant as it pushes into categories from groceries to hardware, online video, fashion, cloud services and multiple tiers of delivery services. Many of the jobs will be in new fulfillment centers, the company said in a statement.

Amazon said it plans to increase its full-time U.S.-based workforce to more than 280,000 by mid-2018 from 180,000 in 2016. Amazon had about 230,800 full-time and part-time employees as of Dec. 31, 2015.

“These jobs are not just in our Seattle headquarters or in Silicon Valley—they’re in our customer service network, fulfillment centers and other facilities in local communities throughout the country,” said Jeff Bezos, Amazon Founder and CEO.

Bezos said he plans to add another 100,000 new jobs "across the company over the next 18 months as we open new fulfillment centers, and continue to invent in areas like cloud technology, machine learning, and advanced logistics.”

Over the past five years, Amazon has created more than 150,000 jobs in the U.S., growing it’s workforce to 180,000 at the end of last year.

Amazon businesses like Marketplace and Amazon Flex will also create hundreds of thousands of jobs for people who want the flexibility to be an entrepreneur and set their own schedule, the Seattle-based e-commerce giant said.

(Newsmax wire services and Reuters and Bloomberg contributed to this report).

© 2021 Newsmax Finance. All rights reserved.

Amazon.com Inc. is literally steamrolling its competitors.
amazon, worth, retailers, economy
Thursday, 26 January 2017 10:46 AM
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