Morgan Stanley Thinks Whole Foods Customers Will Double by 2020
The early numbers are out on Amazon.com, Inc.'s (NASDAQ: AMZN) takeover of Whole Foods, and they are certainly promising.
Amazon sold $500,000 worth of Whole Foods items on its website in the first week it owned the company, according to One Click Retail, and better yet, Foursquare reported a more than 25% uptick in Whole Foods' foot traffic over the first two days following the merger.
Clearly, Amazon's reputation and price cuts resonated with shoppers, though it's unclear if the boom will persist. Morgan Stanley, for one, made the boldest prediction yet on the Whole Foods-Amazon combination, as analyst Brian Nowak sees Whole Foods' total shoppers more than doubling over the three years, from 12.5 million today to 25.2 million in 2020.
Source: Fool.com