GROWTH IN ONLINE SPENDING
Buffett’s Walmart sell-off is bad news for retailers
Billionaire investor Warren Buffett has dumped 90% of his Walmart shares, worth $900m. Walmart, which is also the parent company of SA-based Massmart, has seen disappointing sales results in recent years, as US consumers shift more of their spending online. During his 2016 shareholders meeting, Buffett called into question Walmart’s future within a market that had been fundamentally disrupted by the internet. He said the firm had not figured out a way to meaningfully participate or to counter e-commerce, especially with rivals such as Amazon around.