Ex-Walmart CEO: Amazon realizing it has to participate in 'entirety' of retail
Amazon considering expanding to brick-and-mortar stores
Bill Simon argues the company is realizing it has to participate in the 'entirety' of retail.
Former Walmart president and CEO Bill Simon said on Fox Business' "Morning with Maria" that Amazon's plan to open brick-and-mortar stores is not surprising, as it will have to expand in order to reach the majority of retail that is not online.
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BILL SIMON: Amazon's been dabbling in brick and mortar for a while now. I think they've come to the realization that in order to get at the bigger piece of retail, they're going to have to become active to a certain extent in brick and mortar. They dipped their toe in with… Whole Foods and their little kiosk stores, the self-checkout stores.
But in order to have access to the 85% of retail that's not online, they're going to have to be in brick and mortar. Now, their market share in online is huge. And they built their valuation on rapid growth. And I think they're realizing that they have to participate in the entirety of retail.
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Bill Simon, former Walmart president & CEO, says he's not surprised by Amazon's plan to move into brick-and-mortar stores and provides his assessment of retail growth.