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Home / Business / Steven Mnuchin says that Amazon has & # 39; destroyed & # 39; the US retail

Steven Mnuchin says that Amazon has & # 39; destroyed & # 39; the US retail



In an interview with CNBC on Wednesday, Mnuchin said the company "has destroyed the retail trade across the United States" and said there is "no doubt that they have limited competition."
The extensive review could investigate many firms that have been the target of criticism for anticompetitive. No specific companies were named in the release, but the Ministry of Justice said they were looking at "market-leading online platforms", which might include Amazon ( AMZN ) Apple ( ] AAPL ) Facebook ( FB ) and Google ( GOOG ) .

"The department's review will consider the extensive concerns expressed by consumers, businesses and entrepreneurs about search, social media and some online retailing services," the press release said.

Mnuchin said that Amazon's dominance is different from Walmart ( WMT ) because the latter company has "developed a business where small businesses could continue to compete with them." [1
9659007] In response to Mnuchin's comment, Amazon said small and medium-sized businesses "thrive" on the platform.

"Today, independent sellers make up more than 58% of the physical sales of gross goods on Amazon, and their sales have grown twice as fast as our own, totaling $ 160 billion in 2018," Amazon said in a statement to CNN Business.

It added: "Amazon's retail business is competing in the worldwide retail sales market and represents less than 1% of global retail and less than 4% of US retail, and the vast majority of retail sales – 90% – still occur in brick and mortar stores according to the US Census Bureau. "

Several aspects of Amazon's business have alerted politicians.

Last week, the Amazon representatives witnessed a hearing about the house on online platforms and market power. The company's dominance was questioned. According to eMarketer, it accounts for almost 50% of the US market for e-commerce.

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