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Monday, March 4, 2024

Amazon, Walmart, Target Report Record Profits Amid ‘Non-Essential’ Business Closures

'This is what happens when 80 percent of your competition is forced out of business...'

Politicians who deride wealth inequality as an unconscionable flaw in American society are among the most responsible for enriching gigantic corporations during the Wuhan virus pandemic.

Brick-and-mortar retailers have been dying by the tens of thousands as “blue-state” governors, liberal congressional leaders and the news media have all backed strict economic shutdown policies, irrespective of actual coronavirus risks.

In New York City alone, 2,800 businesses have permanently closed from March 1 to August 3, according to the New York Times, and city officials can’t even count how many restaurants have gone out of business.

The government-forced closures haven’t just crushed small business owners either, but layers of intertwined businesses and millions upon millions of working people.

In the meantime, corporate behemoths AmazonWalmart and Target have reported record sales and profits.

“This is what happens when 80 percent of your competition is forced out of business,” the retail analyst firm Forrester Research recently explained.

According to the firm, Amazon, Walmart and Target blew the top off their projected second-quarter financial projections as government-mandated “non-essential” store closures gave consumers fewer options and pushed them to spend online.

The retail giants also benefited from local government restrictions that allowed them to sell non-essential products like clothing apparel, beauty supplies and home furnishings while staying open to sell food and other essential items.

“They were absolutely unfairly advantaged by being able to stay open,” Forrester Research concluded.

Large corporate grocery chains and big-box home-improvement retailers like Home Depot and Lowe’s were also deemed essential and benefited immensely as a result.

By the numbers, Amazon has been the single biggest beneficiary of the Wuhan virus small business closures and stay-at-home orders.

Walmart and Target patterned their growing online delivery systems after Amazon, which is owned by Jeff Bezos, the world’s richest man.

From March to June 2020, Bezos saw his wealth rise by an estimated $48 billion, according to Business Insider.

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