From CNBC.com…
Amazon is planning to open large retail locations that resemble department stores, The Wall Street Journal reported.
The newspaper, citing people familiar with the plans, reported that some of the first Amazon department stores are expected to be in California and Ohio. The locations will take up roughly 30,000 square feet, around the size of a Kohl’s or T.J. Maxx store but only about the third of a size of a traditional department store.
The move would mark Amazon’s latest experiment with physical retail stores after stealing market share in the retail landscape from incumbents with its e-commerce business. The company recently overtook Walmart as the world’s largest retail seller outside of China.
The news had a ripple effect across the retail industry, particularly hitting the stocks of big-box rivals. Target, Bed Bath & Beyond and Best Buy shares fell roughly 1.5% in premarket trading, while Walmart shares were down about 1%.
