E-commerce and the globalization of retail crush distribution channels, wholesalers, local retailers, large retailers, prices, and margins.
Walmart (WMT), Macy's (M), Best Buy (BBY), Home Depot (HD), Nordstrom (JWN), etc. - they all spend vast sums of money building out their e-commerce sites and their fulfillment infrastructure. And the big lump-sum figures are starting to show up in their regulatory filings.
Other major retailers didn't take the threat of e-commerce seriously, and didn't have the funds to take it seriously, as they were squeezed by the private-equity firms that owned them, and just put up