The food retail industry has been flush with big mergers lately, but today’s stunner has no precedent.
The announcement that Amazon plans to buy Whole Foods Market for $13.7 billion heralds the coming together of two retail icons with vastly different cultures — one a mainstay of the brick and mortar world and the other a master of online shopping. It also creates big challenges for competitors in the wider retail landscape, especially those focusing on groceries, beauty and health. The deal is subject to shareholder and regulatory approvals and is expected to close during the second half of 2017. Whole Foods’ CEO John Mackey will remain in his role. Here are five key points about the developments:
