Tim Lowe, the president of Lowes Foods, didn’t exactly grin when he heard that Amazon was entering the grocery market through buying Whole Foods for $13.7 billion.
The combination, given Amazon’s deep pockets, delivery expertise and economies of scale allowing it to push down vendor prices, has been touted as a shot across the bow of a industry sector already subject to low profit margins, temperamental customers and sand-shifting market share.
“Amazon averages selling nearly $204,000 worth of products every minute,” Lowe told attendees at last week’s Winston-Salem Chamber of Commerce annual state of the economy presentation.
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