Amazon May Become the Next Grocery Chain Giant

Grocery store stocks took a beating on Friday after Wall Street learned that e-commerce giant Amazon is going to open all-new grocery stores separate from Whole Foods.

The first store could open before the year is even over says a Wall Street Journal report.

According to WSJ, Amazon plans to open dozens of new grocery stores that will be distinctly different from the company’s Whole Foods Market stores and has reportedly already signed leases for some locations and plans to open the new grocery stores in cities across the country, including San Francisco, Seattle, Chicago, Philadelphia, and Washington DC.

The first city to get an Amazon grocery store will be Los Angeles and it could be by the end of the year.

There is not much news on the layout and the company is reportedly looking to open in locations that are smaller than typical groceries.

Amazon didn’t comment on the news but Walmart, Kroger, Target, BJs, Costco and Sprouts all saw their shares dip on the WSJ report.

Disclaimer: We have no position in any of the companies listed and have not been compensated for this article.