Jeff Bezos just issued a challenge to Walmart and Target
Amazon stock was down about 0.2% in Thursday afternoon trading, in line with the broader Nasdaq Composite. Here are three takeaways from the letter.
The Seattle-based Amazon hiked its minimum hourly wage to $15 in November. Target, which currently pays $12 an hour, has vowed to raise its hourly wage to $15 by the end of 2020. Walmart has said its average worker earns $17.55 an hour with wages and benefits. Its pay, however, is $11 an hour. “With Amazon Go, we had a clear vision,” he wrote in the letter. “Get rid of the worst thing about physical retail: checkout lines. No one likes to wait in line. Instead, we imagined a store where you could walk in, pick up what you wanted, and leave.”
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