Andrew Yang on retail: what the evidence says · JRE #1245
SUBJECT: RETAIL
The short answer
Yang claims Amazon generates $20 billion a year in commerce that is driving mall and Main Street closures. Yang stated that Amazon generates "20 billion dollars of commerce every year." Amazon's own 10-K filing with the U.S. Securities and Exchange Commission reports consolidated net sales of $232,887 million (2018) and $177,866 million (2017), the two most recent full fiscal years available at the time of this February 2019 episode.
Not a true/false call. Every claim is logged with its sources; read the exhibits below.
amazon's getting 20 billion dollars of commerce every year and is now tipping your malls and Main Street stores into oblivion
What the evidence says 01 / RECORD
Yang stated that Amazon generates "20 billion dollars of commerce every year." Amazon's own 10-K filing with the U.S. Securities and Exchange Commission reports consolidated net sales of $232,887 million (2018) and $177,866 million (2017), the two most recent full fiscal years available at the time of this February 2019 episode. Both figures are more than eight times larger than the $20 billion Yang cited, meaning the number substantially understates Amazon's actual scale of commerce. The broader point that e-commerce growth has coincided with mall and traditional retail closures reflects a real and widely documented trend in U.S. retail during this period, but the specific $20 billion figure attached to Amazon's revenue does not match the company's reported financial results.