Amazon to cut prices at Whole Foods as sale is finalized

Amazon to cut prices at Whole Foods as sale is finalized

Amazon to cut prices at Whole Foods as sale is finalized

The deal was struck even as concerns mounted that technology companies such as Google, Facebook and Amazon are becoming too dominant.

The decision comes as a disappointment for those hoping the FTC would adopt a more progressive review process for mergers in the age of tech companies like Google and Facebook.

While Whole Foods accounts for less than 3 percent of US grocery and supermarket sales, the purchase gives Amazon a foothold in a fragile industry that can ill-afford more price cutting.

Amazon closed down less than 1 percent in NY at $958. Meanwhile, the organic/natural distributor United Natural Foods, traditionally Whole Foods' main supplier-whose fate is now uncertain-was down 4.61 percent. Bezos owns The Washington Post, whose news and opinion pages have taken a skeptical line on the president.

Only time will tell which industry will be the next to feel Amazon's wrath. "Based on our investigation we have decided not to pursue this matter further".

The companies are planning to invest in logistics and merchandising as a way to lower Whole Foods' costs. The deal requires approval from Canada. The acquisition is expected to close before the end of the year. But now, as the high-end grocery chain becomes part of e-commerce giant Amazon, some of those prices will be coming down.

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The FTC did hold out the possibility of future actions, with Hoffman noting that the agency "always has the ability to investigate anticompetitive conduct should such action be warranted".

Starting Monday, Whole Foods Market will offer lower prices on a selection of best-selling staples across its stores, with much more to come. "Prime memberships will enable Amazon to extend its online dominance into physical retail - using stores for pick-up, for example - and to use physical stores to entrench its power online".

While Amazon can leverage its shopping and shipping infrastructure to expand deliveries in the space, rejiggering the interiors of 400 Whole Foods stores will prove much more hard. Wal-Mart Stores Inc., which sells the most groceries in the US, also dropped 0.8 percent. Kroger Co., Wal-Mart Stores Inc. and Costco Wholesale Corp. were all trading lower. Amazon's share is negligible.

Also, Amazon Lockers will be placed in some Whole Foods stores.

The current framework centers on individual product markets and whether the merged company will be able to charge higher prices.

Hurley said she is not sure how big competitors like Walmart will fare, but that Amazon is showing a determination to shake things up, and fast.

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