Beautiful Virgin Islands

Wednesday, Nov 19, 2025

Mnuchin is wrong: Amazon has done more good than bad for small business

Mnuchin is wrong: Amazon has done more good than bad for small business

The treasury secretary said Amazon ‘destroyed the retail industry’ – but Amazon has created businesses, side hustles, development and content design opportunities for more than 1.9m small businesses and entrepreneurs around the world who, in turn, have created more than 1.6m jobs in the process. The company has created a special site just for people to buy from small businesses and another one to help aspiring entrepreneurs become partners and merchants. More than half the items sold on their site is sold by a small- or medium-sized company, and countless other consultants, technology companies, logistics firms, warehousing landlords and other small businesses have created their livelihoods on Amazon’s back.

Take a walk today down New York City’s Seventh Avenue – or any Main Street in small-town America – and you’ll see that things look a lot different than they did 40 or even 20 years ago.

Back then there were lots of retail stores selling shoes, clothes, sporting equipment and books. Today … not so much. The malls are empty, name-brand chains have shut down and storefronts are more or less occupied by “experience” businesses – restaurants, coffee shops, bars, exercise places or nail salons. Where did retail go? Has it been destroyed? And did Amazon cause all of this?

Yes, Amazon caused a lot of it. In fact, the e-commerce giant changed retail forever. But it’s not all bad news – particularly for small businesses.

Steve Mnuchin doesn’t feel this way. In an interview with CNBC this week, the treasury secretary (and former Sears board member) said that Amazon has “destroyed the retail industry across the United States”. He also said that “no question they’ve limited competition. People had those concerns about Walmart, but Walmart developed a business where small business could continue to compete with them.”

Mnuchin knows a lot more about a lot of things than me. I would never debate him on tax policy, the federal debt ceiling or anything to do with the US government’s finances. But, with all due respect, small business is my turf, not his. And when it comes to small business I do feel comfortable saying this: Amazon is not hurting small businesses. It is actually quite the opposite.

I’m not an employee at Amazon, and although my firm has done some marketing work for the company over the past few years I am not an Amazon merchant or partner. I just know a lot about small businesses because I run one and I write about them. And when it comes to small businesses, Amazon has done way more good than bad.

The company has created businesses, side hustles, development and content design opportunities for more than 1.9m small businesses and entrepreneurs around the world who, in turn, have created more than 1.6m jobs in the process. The company has created a special site just for people to buy from small businesses and another one to help aspiring entrepreneurs become partners and merchants. More than half the items sold on their site is sold by a small- or medium-sized company, and countless other consultants, technology companies, logistics firms, warehousing landlords and other small businesses have created their livelihoods on Amazon’s back.

You’re not seeing these people on Main Street anymore, but trust me, they’re still out there … and in droves. They’re selling to customers they could never dreamed of, reaching and sourcing products from suppliers in faraway places, and doing this all from the comfort of their homes or from spaces that cost a helluva lot less than rent on Seventh Avenue.

“Amazon is the first partner that offers small businesses a legitimate way to compete with the big retailers – which is why they are scared, and why they are sounding the alarm that it’s ‘killing retail’,” Jerry Kozak, the owner of Ann Arbor T-shirt Company and an Amazon merchant, told me. “Amazon is changing retail by offering more products from more merchants, at greater convenience – and people are voting with their wallets.”

Kozak, who employs 75 people at his $20m a year business, isn’t alone in his support of the online platform. Many other business owners I know agree with him.

And by the way, Amazon isn’t the only game in town. E-commerce applications that allow small businesses to sell from their own websites such as Shopify, BigCommerce and Magento have exploded in popularity over the past few years. Etsy, eBay and other online marketplaces have attracted countless small businesses to sell and Chinese giant Alibaba just announced this week new tools particularly for small businesses that make up part of its strategy to grow in the American market. Small businesses have plenty of choices to sell their wares other than Amazon.

And sell they do. On Amazon’s Prime Day alone, small- and medium-sized companies sold more than $2bn of products, a 33% increase over last year. The other platforms have also helped small businesses generate billions in revenues.

“What Amazon has actually done is democratize retail and leveled the playing field so that independent brands and small businesses can enter the market and thrive,” Kristin Rae, an Amazon merchant who owns Inspire Travel Luggage, said. “Truly, I wouldn’t be able to be a business without Amazon.”

Yes, retail has undergone an enormous change, and Amazon has been a big part of that. But the smart entrepreneurs I know – like Kozak and Rae – understand something that some slow-reacting retailers, disconnected politicians and yes, even a treasury secretary hasn’t: it’s 2019 and not 1979. They’re profiting, and good for them.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Caribbean Reparations Commission Seeks ‘Mutually Beneficial’ Justice from UK
EU Insists UK Must Contribute Financially for Access to Electricity Market and Broader Ties
UK to Outlaw Live-Event Ticket Resales Above Face Value
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
German Entertainment Icons Alice and Ellen Kessler Die Together at Age 89
UK Unveils Sweeping Asylum Reforms with 20-Year Settlement Wait and Conditional Status
UK Orders Twitter Hacker to Repay £4.1 Million Following 2020 High-Profile Breach
Popeyes UK Eyes Century Mark as Fried-Chicken Chain Accelerates Roll-out
Two-thirds of UK nurses report working while unwell amid staffing crisis
Britain to Reform Human-Rights Laws in Sweeping Asylum Policy Overhaul
Nearly Half of Job Losses Under Labour Government Affect UK Youth
UK Chancellor Reeves Eyes High-Value Home Levy in Budget to Raise Tens of Billions
UK Urges Poland to Choose Swedish Submarines in Multi-Billion € Defence Bid
US Border Czar Tom Homan Declares UK No Longer a ‘Friend’ Amid Intelligence Rift
UK Announces Reversal of Income Tax Hike Plans Ahead of Budget
Starmer Faces Mounting Turmoil as Leaked Briefings Ignite Leadership Plot Rumours
UK Commentator Sami Hamdi Returns Home After US Visa Revocation and Detention
UK Eyes Denmark-Style Asylum Rules in Major Migration Shift
UK Signals Intelligence Freeze Amid US Maritime Drug-Strike Campaign
TikTok Awards UK & Ireland 2025 Celebrates Top Creators Including Max Klymenko as Creator of the Year
UK Growth Nearly Stalls at 0.1% in Q3 as Cyberattack Halts Car Production
Apple Denied Permission to Appeal UK App Store Ruling, Faces Over £1bn Liability
UK Chooses Wylfa for First Small Modular Reactors, Drawing Sharp U.S. Objection
Starmer Faces Growing Labour Backlash as Briefing Sparks Authority Crisis
Reform UK Withdraws from BBC Documentary Amid Legal Storm Over Trump Speech Edit
UK Prime Minister Attempts to Reassert Authority Amid Internal Labour Leadership Drama
UK Upholds Firm Rules on Stablecoins to Shield Financial System
Brussels Divided as UK-EU Reset Stalls Over Budget Access
Prince Harry’s Remembrance Day Essay Expresses Strong Regret at Leaving Britain
UK Unemployment Hits 5% as Wage Growth Slows, Paving Way for Bank of England Rate Cut
Starmer Warns of Resurgent Racism in UK Politics as He Vows Child-Poverty Reforms
UK Grocery Inflation Slows to 4.7% as Supermarkets Launch Pre-Christmas Promotions
UK Government Backs the BBC amid Editing Scandal and Trump Threat of Legal Action
UK Assessment Mis-Estimated Fallout From Palestine Action Ban, Records Reveal
UK Halts Intelligence Sharing with US Amid Lethal Boat-Strike Concerns
King Charles III Leads Britain in Remembrance Sunday Tribute to War Dead
UK Retail Sales Growth Slows as Households Hold Back Ahead of Black Friday and Budget
Shell Pulls Out of Two UK Floating Wind Projects Amid Renewables Retreat
Viagogo Hit With £15 Million Tax Bill After HMRC Transfer-Pricing Inquiry
Jaguar Land Rover Cyberattack Pinches UK GDP, Bank of England Says
UK and Germany Sound Alarm on Russian-Satellite Threat to Critical Infrastructure
Former Prince Andrew Faces U.S. Congressional Request for Testimony Amid Brexit of Royal Title
BBC Director-General Tim Davie and News CEO Deborah Turness Resign Amid Editing Controversy
Tom Cruise Arrives by Helicopter at UK Scientology Fundraiser Amid Local Protests
Prince Andrew and Sarah Ferguson Face Fresh UK Probes Amid Royal Fallout
Mothers Link Teen Suicides to AI Chatbots in Growing Legal Battle
UK Government to Mirror Denmark’s Tough Immigration Framework in Major Policy Shift
UK Government Turns to Denmark-Style Immigration Reforms to Overhaul Border Rules
UK Chancellor Warned Against Cutting Insulation Funding as Budget Looms
UK Tenant Complaints Hit Record Levels as Rental Sector Faces Mounting Pressure
×