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Home / Business / According to Steven Mnuchin, Amazon "destroyed" US retail

According to Steven Mnuchin, Amazon "destroyed" US retail



In an interview with CNBC on Wednesday, Mnuchin said the company "destroyed the retail industry in the United States" and said "there is no question that they have limited competition".
The Comprehensive Review could examine many companies that have been criticized for anti-competitive behavior. The press release did not cite any specific companies, but the Department of Justice stated that it would consider "market-leading online platforms," ​​which may include Amazon ( AMZN ) . Apple ( AAPL ) Facebook [ FB ) and Google ( Toget ) .

"Examining the department will address the widespread concerns consumers, businesses and entrepreneurs have about online search, social media and some retail services," the press release said.

Mnuchin said Amazon's dominance differs from Walmart [1
94559003] ( WMT )
since the latter company "has developed a business in which small businesses could continue to compete with them ". [19659007] In response to Mnuchin's comment, Amazon said small and medium-sized businesses "thrive" on the platform.

"Today, independent sellers account for more than 58% of Amazon's physical gross sales, and their sales grew twice as fast as our own, totaling $ 160 billion in 2018," Amazon told CNN Business.

It added, "Amazon's retail marketplace is competing in the global market for retail sales, accounting for less than 1% of global retail and less than 4% of US retailing, by far the largest share of retail sales – 90% As before, in the US Census Bureau, stationary businesses have settled. "

Several aspects of Amazon's business have attracted the attention of politicians.

Last week, Amazon representatives said they were hearing about online platforms and market power. The dominance of the company was questioned. According to eMarketer, it accounts for almost 50% of the US ecommerce market.

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