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Why Amazon May Be the Best Retail Stock to Own Now

Shares of traditional retailers took a beating on Wednesday following disheartening earnings from the likes of Macy's (M - Get Report) and Fossil (FOSL - Get Report) . By contrast, online giant Amazon (AMZN - Get Report) set another all-time high, rising 1.5% to close at $713.40, a price that values the company at a whopping $336.5 billion.

So is Amazon now effectively *the* retail stock to own?

"I do think Amazon is one of the few [companies] eating department stores' lunches," said S&P Global Market Intelligence analyst Lindsey Bell who said the apparel business in particular was having a hard time.

Consumers are increasingly taking their shopping online and disproportionately buying via Amazon, according to a recent Forrester study. The research house expects...