Walmart finds Amazon’s weak spot

[Bloomberg]( This is Bloomberg Opinion Today, a condensed cinematic universe of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Walmart has figured out how to [survive in the Amazon era](. - Dems are getting better at this [whole impeachment-hearing thing](. - Mismanagement is [drowning Venice]( as much as climate change. - Why aren’t America’s [young men in the work force](? Walmart’s Inspiring Come-From-Behind Story Nobody will ever mistake Walmart Inc., with its 5,400 stores and $340 billion market cap, for a scrappy underdog. But in the Godzilla cinematic universe that is Monopolistic Corporate America, it is maybe just a [Mothra](-level behemoth compared to the [Mechagodzilla]( that is Amazon.com Inc. ($871 billion market cap, “stores” as a side hobby). So it’s notable, as Sarah Halzack writes, that [Walmart has apparently figured out the secret to beating, or at least surviving](, Amazon, Destroyer of Industries. And that secret is food. You may recall, when Amazon bought Whole Foods just a couple of years ago, that everybody assumed it would soon do to groceries what it had done to books, clothing, toys, [Nic Cage pillowcases]( and more: lay waste to incumbent retailers. Instead, it has [stumbled]( around, Sarah notes, unsure of [what Whole Foods does](, while also building a new grocery chain for some reason? Walmart, meanwhile, has quietly nailed selling groceries in stores and online, leading to downright Amazonian growth figures: Maybe you’re struggling to get misty-eyed about Walmart’s success, but there could be a model here for smaller rivals to follow. Meanwhile, Amazon keeps running into the political limits of its own vast wealth and power. First there was the [self-induced blowback]( over its plans for a “second headquarters” in New York last year. More recently, it tried to sway the city council election in its original hometown, Seattle, throwing money at Amazon-friendly candidates. But [this inspired a local and national backlash](, notes Joni Balter, which put progressives in power, who will almost certainly raise taxes on Amazon. As Godzilla could tell you, every behemoth has its weakness. Further Corporate-Society Interface Reading: Global tech startups [have a knowledge edge over the cities]( and workers they affect. — Shira Ovide Impeachment Day One: What Have We Learned? The first day of the House [impeachment]( hearings of President Donald Trump may have lacked sufficient pizzazz, according to [a much-maligned observer](. But it at least showed [Democrats have finally figured out how to run hearings]( maximized for changing minds while minimizing partisan goofballery, writes Jonathan Bernstein. The bulk of yesterday’s partisan goofballery, in fact, was supplied by Republicans, who played straight to their base with unconvincing distractions and conspiracy theories understood only by Sean Hannity superfans. Eli Lake argues the very best impeachment defense expressed yesterday was that of course you can’t remove the president, because the bureaucrats around him ultimately failed to carry out his possibly criminal demands. That might be enough to keep wavering Republicans in line, Eli observes, but it [certainly is a poor argument for re-electing the president](. “Trump 2020: Nobody Listens to Him!” is … not a great a campaign slogan. Further Impeachment Reading: Dems [should embrace the term “quid pro quo](.” It’s apt and doesn’t actually confuse anybody. — Stephen Carter Venice Is Drowning in Ineptitude Venice is an absolutely magical place that is slowly [drowning]( in the lagoon that surrounds it. Its buildings are sinking into the lagoon’s muddy bottom, probably not helped by the incessant footfall of hordes of tourists, even as climate change makes its waters rise ever higher. On top of all of these problems is another, [similarly intractable, one of human mismanagement](, writes Ferdinando Giugliano. Thanks to incompetence and corruption, a massive floodgate project, 53 years in the making, is years behind schedule, billions of euros over budget and may soon be [obsolete](. If you plan to visit, bring waders. Telltale Charts More than a decade after the Great Recession, [America’s young men are still mysteriously missing]( from the labor force, writes Justin Fox. And no, the quality of today’s video games doesn’t fully explain it. Masayoshi Son’s WeWork humbling is finally [teaching stock investors the importance of profitability](, governance and price, writes Nir Kaissar. Further Reading Germany’s economy is barely growing, but that’s [just enough to quiet talk of fiscal stimulus](. — Leonid Bershidsky France’s [wealth taxes didn’t raise revenue]( and chased wealthy people away. There are better ways to fight inequality. — Noah Smith Europe is [fighting for tech supremacy against the U.S. and China]( but needs much more cash and collaboration. — Lionel Laurent The West must beware [Ukraine could run back to Russia]( if it doesn’t get enough attention. — Leonid Bershidsky A fracker that 18 months ago scoffed at a merger is now [selling itself on the cheap](, as bad times grip Shale Land. — Liam Denning One man tried to warn us years ago of [the horrors of cable unbundling](. — Joe Nocera ICYMI How Trump’s [trade war went from method to madness](. Lloyd Blankfein and Leon Cooperman [had some (more) words for Elizabeth Warren](. Motorola’s [Razr is back, as a foldable]( smartphone. Kickers Twinkies cereal? [Twinkies cereal](. (h/t Mike Smedley) [Reality doesn’t exist](, a study has shown. More than [50% of all insects]( may have disappeared since 1970. Let us mourn [the end of paper maps](. Note: Please send Twinkies and complaints to Mark Gongloff at mgongloff1@bloomberg.net. [Sign up here]( and follow us on [Twitter]( and [Facebook](. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022