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Amazon is too big and has "destroyed" retail, says US Treasury Secretary



US Treasury Secretary Steven Mnuchin said he supports the Justice Department's efforts to engage with Amazon because the technology giant "destroyed the retail industry."

"They have destroyed the retail industry in the United States, so there is no doubt that they have limited competition," Mnuchin said during an interview with CNBC. "There are areas where they have really hurt small businesses."

(Jeff Bezos, founder and CEO of Amazon, owns The Washington Post .)

One day, Mnuchin made the comments After the Justice Department had announced a comprehensive antitrust review of "market-leading online platforms "an unprecedented investigation that could reinforce the demand for separation from Amazon, Facebook and Google.

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According to Amazon spokeswoman Jodi Seth, the company's retail sales account for less than 4 percent of US retail sales and less than 1

percent worldwide.

"Small and medium businesses are thriving with Amazon," she said in an email. "Today, independent sellers account for more than 58 percent of Amazon's physical gross sales, and their sales grew twice as fast as our own in 2018, reaching $ 160 billion (NZ $ 239 billion)."

The company added that "the vast majority of retail sales – 90 percent – are still in brick-and-mortar stores, according to the US Census Bureau." to free the retailer of billions of dollars when he went bankrupt. Sears, the more than a century-old American icon, filed for bankruptcy last year after losses during private equity ownership had increased for years.

  Amazon has

RICHARD VOGEL / AP

Amazon has "destroyed" the retail industry. US Treasury Secretary Steven Mnuchin says [Mnuchin's role on Sears and hedge funds] ESL Investments has been under political scrutiny in recent months, with Senator Elizabeth Warren and MEP Alexandria Ocasio-Cortez saying earlier this year both Democrats that they were "deeply concerned about the financial engineering" that occurred during Mnuchin's work on the retailer's board.

Congressional members asked Mnuchin for more information on his role in the company and his plans In response to requests for comments.

On Wednesday, Mnuchin told CNBC anchor Andrew Ross Sorkin that he was looking forward to hearing the Attorney General's recommendations for Amazon when asked if Amazon's dominance of the market was one of Walmart's Decade comparable, said Mnuchin, the cases are different

"People had such concerns about Walmart. As you can see, Walmart has built a business where small businesses can continue to compete with them. And Walmart has ceded much of the retail business to Amazon. "

Amazon spent $ 232.9 billion in sales last year, up 31 percent from a year ago, while Walmart's annual revenue was $ 514.4 billion. an increase of 2.8 percent over the previous year.


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