Former J.C. Penney CEO: The Only One Taking Amazon Seriously Is Walmart

In the retail world, many are trying to stand out against Amazon, but former J.C. Penney CEO and former head of retail for Apple Ron Johnson says only one retailer is truly making an effort. “The only retailer that’s truly taking Amazon seriously is Walmart,” Johnson told CNBC’s “Fast Money” on Thursday. “Walmart generates five times the net income that Amazon does. Walmart has the resources to take them on.” However, Johnson pointed out that Walmart will still need to figure out how to compete better to counteract Amazon’s skyrocketing growth. “They’re making a lot of moves and it’s starting to pay off, but even Walmart will have trouble because if Walmart doubles its $10 billion in sales, it will add $10 billion while Amazon adds $80 billion. People have to take Amazon much more seriously,” Johnson said. For retail in general, Johnson suggested that companies should band together in order to make a real impact in taking on the e-commerce giant. Read more at CNBC.