In the past two months, we’ve learnt that Catch is shutting down, while Amazon managed 33% revenue growth in Australia in 2024. The online market is consolidating and likely to do so further over the next five years. For now, Amazon’s growth is more so at the expense of other pure play retailers including eBay. However, given Amazon is taking close to one-third of all the growth in retail, eventually it will impact major ASX-listed companies. We remain cautious on impact for JB Hi-Fi, Wesfarmers and Harvey Norman.