[manacit]

This is potentially an overgeneralization:

- Not all grocery stores are fungible in the category. Safeway and Whole Foods cater to a very different clientele at different price points

- That is a nationwide amount, but locally may be very different. There are no Walmarts in the city limits of Seattle

- This is not just about customers, but suppliers as well

Now, there are still plenty of choices for me - I could go to a PCC, Whole Foods, Costco, Amazon Fresh, etc. Not every city has the same options, and turning a market with 3 or 4 competitors into 2 or 3 is still a material change, as ew have seen in other industries.