Amazon has 'destroyed the retail industry' so the U.S. should look into its practices, Sec. Mnuchin said last week.
In comparing Amazon to big-box retailer"People had those concerns about Walmart. Walmart developed a business where small business could continue to compete with them," he said."I don't think you can talk about competition among all these companies in the same way," said Mnuchin. "People talk about the FANG stocks like they're all the same. Each company is very different.""Small and medium-sized businesses are thriving with Amazon.
Today, independent sellers make up more than 58% of physical gross merchandise sales on Amazon, and their sales have grown twice as fast as our own, totaling $160 billion in 2018. Amazon's retail business competes in the worldwide market for retail sales and represents less than 1% of global retail and less than 4% of U.S. retail. And the vast majority of retail sales – 90% – still occur in brick-and-mortar stores according to the U.S. Census Bureau.
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