Australian retail stocks are getting hosed after Amazon’s huge grocery chain acquisition

Photo: Rodrigo Arangua / AFP / Getty Images

Retail shares are taking a hit.

A short time ago, Myer was down 3% to $0.88, Harvey Norman 2.3% to $3.81 and JB Hi-Fi 1.3% to $22.98.

All three are exposed to Amazon’s entry into Australia and the US giant online retail just made a big move into bricks and mortar, buying grocery chain Wholefoods.

Supermarket players also dropped with Woolworths sliding 3% to $25.45, Wesfarmers, the owner of Coles, 0.8% to $40.38 and Metcash, the IGA operator, 2% to $2.10.

Overall, the market is up with the ASX200 at 5,801.90, up 27.87 points or 0.48%.