JB’s shares have fallen by 6% over the past day while Harvey Norman shares are also declining.
Financial analysts have suggested that this could possibly that be the result of investor fears regarding the potential for a greater presence from global giant Amazon in the Australian marketplace.
On Sunday, the Australian Financial Review reported on the suspected presence in Australia of Amazon founder Jeff Bezos (pictured above) who is believed to be in Sydney to discuss the extension of its retail presence in Australia. Currently Amazon.com.au has just a Kindle and Audible store, but there are many that believe this is about to change.
According to media reports, Amazon is in the process of opening up new services and offerings which will shake up the Australian retail industry.
Amazon is due to report its first quarter earnings on April 28 and any plans of expanding its operations in Australia will likely be announced on the earnings call that follows the quarterly release.