Dow ticks up; grocery stores plunge after Amazon deal

Whole Foods Market was founded in 1978 and as organic food became all the rage, so did Whole Foods. It operates approximately 456 stores in the United States, Canada, and the United Kingdom.

"Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy", Jeff Bezos, Amazon founder and CEO, said in a press release. "Whole Foods Market has been satisfying, delighting and nourishing customers for almost four decades".

The Whole Foods store at the foot of the Oakland Hills is an always busy success story even as some customers expressed a range of views when asked about Friday's bombshell announcement that online giant Amazon is snapping up the specialty grocer. (NASDAQ:WFM), shopping center REITs tumbled more than their peers in the real estate sector. The Seattle-based company was recently granted a patent for technology that would block shoppers from comparing prices from their mobile devices while they're in stores.

"We believe AMZN can work to transform the physical retail experience".

The Amazon Go pilot store allows customers to choose items and then pay the bill automatically by just walking out of the store, all without going to a cash register.

"If they actually, Amazon Prime, decides to deliver food to your home, boy that's great, it would be a wonderful thing!" It announced Friday that it's buying online men's clothing retailer Bonobos for $310 million, following a string of online acquisitions including ModCloth and Moosejaw.

In October, reports surfaced that Amazon was planning to build its own grocery stores.

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RICH TARRANT: Consumer purchases in a grocery space is, you know, $600-billion industry that has yet to be massively disrupted by online.

Completion of Amazon's purchase is subject to approval by Whole Foods' shareholders, regulatory OKs and other closing conditions.

The deal sent shockwaves across the food distribution market and beyond.

Amazon is already playing with innovative ways to make grocery store runs more convenient. And the key measure that retailers look at to gauge their health, revenue at stores open more than a year, has fallen for seven quarters in a row.

Grocery stores are under more pressure to compete based on convenience, especially as more retailers and startups introduce food options such as meal kits, low-priced snacks and organic groceries, according to a report released earlier this year by Jones Lang LaSalle, a commercial real estate firm.

Almost $1.5T: Amount spent by Americans on food in a year. Note, though, that one of its investors as well as partners is Whole Foods, either shaping Amazon to be a shareholder or Instacart as an acquisition target itself.

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