Amazon.com Inc , the online retailer long feared to disrupt the grocery sector, believes it has fallen short.
Michael Pachter, an analyst with Wedbush Securities, said Amazon has itself to blame, having drawn consumers to online shopping decades ago.
"Retail is a tough business," he said. "They are flushing money down a toilet pursuing Amazon Fresh stores" and thinking "they can brand a new concept and capture share from retailers who have been successful for decades."He said Whole Foods is growing and remains on top for premium, organic grocery, but Amazon's mass-appeal offering needed work.
The company has a few dozen Amazon Fresh stores so far, Jassy said. It has also experimented with technology that bills shoppers for what they take from a store without having to pass by a cash register.from such actions in the fourth quarter, its chief financial officer said.
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