As the retail landscape evolves, curbside pickup is an increasingly popular option for consumers. That’s good news for behemoths like Walmart that boast a huge network of stores, argues Cowen & Co. The back story. For several years, many retail stocks couldn’t find a bottom, with investors worrying that Amazon.com and e-commerce in general would kill off the bricks-and-mortar store. That narrative changed last year: For the first three quarters of 2018 (before the late-year market turmoil), retail shares were on a tear, with the SPDR S&P Retail ETF finally passing its old 2015 record levels and reaching new all-time highs. Many larger retailers have started to hit back against Amazon, leveraging their network of locations to offer services like reserve in-store and quick returns. Meanwhile, Amazon’s purchase of Whole Foods Market and its decision to open a physical Amazon store in New York was confirmation, many believed, that bricks-and-mortar wasn’t going the way of the dinosaurs, after all. Read more at Barron’s.
