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"Amazon effect" hits retailers around the globe

The Amazon logo is displayed at the Nasdaq MarketSite in New York. Photo: Richard Drew / AP

U.S. stores have been closing at a faster rate in 2017 than at any time since the recession, an American phenomenon being dubbed "retail apocalypse." Though this has so-far been largely a worry for U.S. retailers, the Wall Street Journal reports that investors in Europe are worried that it is now spreading abroad.

Why it matters: As Amazon expands abroad and continues to win market share, expect accusations that this American juggernaut is stealing business from domestic firms and killing traditional retail.