Grocery store stocks take a beating on report that Amazon will launch its own chain of supermarkets


Amazon is planning to launch a new grocery brand with a lower price point than Whole Foods, The Wall Street Journal reported Friday.
The company is planning to roll out dozens of the stores across the U.S., according to the Journal.
Grocery stocks including Walmart, Kroger and Costco all initially dipped on the news.

Amazon to open dozens of grocery stores across the country
Amazon is planning to open its own grocery stores in the U.S. at a lower price point than Whole Foods, The Wall Street Journal reported Friday. The company is planning to open dozens of the stores, according to the Journal, with the first one opening in Los Angeles as early as the end of this year.

Walmart, Kroger, Target, BJs, Costco and Sprouts all dipped sharply on the news.

Amazon declined to comment on the report.