The pandemic is fueling record growth at Amazon, Walmart, and Target, and solidifying their reign over America’s retail landscape for years to come.
All three retailers reported blowout sales in the second quarter. Walmart’s digital sales nearly doubled from a year earlier and Target’s nearly tripled. The companies’ same-store sales climbed 9% and 10.9%, respectively. Amazon’s overall sales grew 40% in the quarter.
As thousands of stores shut down across the country at the start of the pandemic, Amazon, Walmart, and Target were among the retailers deemed “essential” and therefore able to continue operating. This means they benefitted from several weeks of big stock-up trips, as consumers stockpiled paper goods, food, cleaning products, and more.