Walmart fights back
The beast ofBentonvillebattles Amazon, the king of the e-commerce jungle
本頓維爾（沃爾瑪總部所在地）的巨獸來襲，挑戰電商叢林里的王者-亞馬遜
commerce
[不可數名詞] trade, especially between countries; the buying and selling of goods and services （尤指國際間的）貿易；商業；商務
leaders of industry and commerce
工商界領導人
A boa constrictor swallowing capitalism. A cyclone dragging the economy into its vortex. If you look back at how people described Walmart a decade ago, it is eerily similar to how Amazon is viewed now. The supermarket chain has “a scale of economic power we haven’t encountered before”, warned “The Walmart Effect”, a best-selling book in 2006. But capitalism never stands still. The world’s largest company by sales is now the perceived underdog in an escalating grocery war with Amazon to fill 320m American bellies. The struggle will probably end in a messy stalemate. That will mean mediocre returns for investors—and happy days for consumers.
boa constrictor
a large S American snake that kills animals for food by winding its long body around them and crushing them 巨蚺（南美蟒，捕食時把獵物縊死）
capitalism
[不可數名詞] an economic system in which a country's businesses and industry are controlled and run for profit by private owners rather than by the government 資本主義
cyclone
a violent tropical storm in which strong winds move in a circle 氣旋；旋風
vortex
(pl. vortexes or, vortices |-t?si:z|)
(technical 術語) a mass of air, water, etc. that spins around very fast and pulls things into its centre 低渦；渦旋
(literary) a very powerful feeling or situation that you cannot avoid or escape from 感情（或局勢）的旋渦
They were caught up in a whirling vortex of emotion.
他們陷入了感情旋渦。
eerie
strange, mysterious and frightening 怪異的；神秘的；恐怖的
an eerie yellow light
神秘兮兮的黃燈
I found the silence underwater really eerie.
我發覺水下的寂靜真令人恐怖。
perceive
to notice or become aware of sth 注意到；意識到；察覺到
[動詞 + 名詞短語]
I perceived a change in his behaviour.
我注意到他舉止有些改變。
[動詞 (+ that從句)]
She perceived that all was not well.
她意識到并非一切都順利。
[動詞 + 名詞短語 + 帶to的不定式]
The patient was perceived to have difficulty in breathing.
發現病人呼吸困難。
~ sb/sth (as sth) to understand or think of sb/sth in a particular way 將…理解為；將…視為；認為
[動詞 + 名詞短語]
This discovery was perceived as a major breakthrough.
這一發現被視為一項重大突破。
She did not perceive herself as disabled.
她沒有把自己看成殘疾人。
[動詞 + 名詞短語 + 帶to的不定式]
They were widely perceived to have been unlucky.
人們普遍認為他們的運氣不佳。
underdog
a person, team, country, etc. that is thought to be in a weaker position than others and therefore not likely to be successful, win a competition, etc. 處于劣勢的人（或團隊、國家等）；弱者；比賽前不被看好者
Before the game we were definitely the underdogs.
我們在賽前絕對不被看好。
In politics, he was a champion of the underdog (= always fought for the rights of weaker people) .
在政治上，他總是為弱勢群體奮斗。
escalate
~ (sth) (into sth) to become or make sth greater, worse, more serious, etc. （使）逐步擴大，不斷惡化，加劇
[單獨使用的動詞]
The fighting escalated into a full-scale war.
這場交戰逐步擴大為全面戰爭。
the escalating costs of health care
逐漸增加的醫療費用
[動詞 + 名詞短語]
We do not want to escalate the war.
我們不想讓戰爭升級。
stalement
[不可數名詞, 可數名詞, 常用單數形式] a disagreement or a situation in a competition in which neither side is able to win or make any progress （辯論或競賽中出現的）僵局，僵持局面
The talks ended in (a) stalemate.
談判陷入僵局，無果而終。
[不可數名詞, 單數] (in chess 國際象棋) a situation in which a player cannot successfully move any of their pieces and the game ends without a winner 僵局；和棋
mediocre
(disapproving) not very good; of only average standard 平庸的；普通的；平常的
a mediocre musician/talent/performance
平庸的音樂家 / 才能 / 表演
I thought the play was only mediocre.
我認為這部戲劇只是平庸之作。
Just when Walmart’s aura was at its most intimidating, in 2006, stagnation beckoned. Its reputation for bullying its suppliers and staff became toxic. Over the next decade it hit saturation point. About 95% of Americans shop at Walmart at least once a year. It has three square feet of shop space for every adult in the country and has sunk $83bn into a fixed-asset base that is the fourth-largest owned by any American firm.?Investors have worried for years that this empire of aisles and tills run from Bentonville, Arkansas, would become obsolete—what did Walmart’s executives, schooled in the arts of?beating up baked-beans suppliers, know about the slick world of e-commerce being dreamed up in Silicon Valley and Seattle?
aura
~ (of sth) a feeling or particular quality that is very noticeable and seems to surround a person or place 氣氛；氛圍；氣質
She always has an aura of confidence.
她總是滿有信心的樣子。
intimidate
[動詞 + 名詞短語] ~ sb (into sth/into doing sth) to frighten or threaten sb so that they will do what you want 恐嚇；威脅
They were accused of intimidating people into voting for them.
他們被控脅迫選民投他們的票。
She refused to be intimidated by their threats.
她沒有被他們的威脅嚇倒。
stagnation
to stop developing or making progress 停滯；不發展；不進步
Profits have stagnated.
利潤原地踏步。
I feel I'm stagnating in this job.
我覺得，干這份工作我沒有長進。
to be or become stagnant 因不流動而變得污濁
The water in the pond was stagnating.
池塘里的水逐漸變成了死水。
beckon
~ to sb (to do sth) to give sb a signal using your finger or hand, especially to tell them to move nearer or to follow you 招手示意；舉手召喚
[單獨使用的動詞]
He beckoned to the waiter to bring the bill.
他招手示意服務生把賬單送過來。
[動詞 + 名詞短語]
He beckoned her over with a wave.
他揮手讓她過去。
The boss beckoned him into her office.
老板招手示意他去她的辦公室。
[動詞 + 名詞短語 + 帶to的不定式]
She beckoned him to come and join them.
她打手勢要他來加入他們的活動。
to appear very attractive to sb 吸引；誘惑
[單獨使用的動詞]
The clear blue sea beckoned.
清澈蔚藍的大海令人向往。
[動詞 + 名詞短語]
The prospect of a month without work was beckoning her.
一個月的閑暇時光令她神往。
[單獨使用的動詞] to be sth that is likely to happen or will possibly happen to sb in the future 很可能發生（或出現）
For many kids leaving college the prospect of unemployment beckons.
許多剛踏出大學校門的孩子可能面臨著失業。
bully
[動詞 + 名詞短語] ~ sb (into sth/into doing sth) to frighten or hurt a weaker person; to use your strength or power to make sb do sth 恐嚇；傷害；脅迫
My son is being bullied at school.
我兒子在學校里受欺負。
I won't be bullied into signing anything.
我絕不會屈服于壓力簽署任何東西。
【名詞】
a person who uses their strength or power to frighten or hurt weaker people 仗勢欺人者；橫行霸道者
the school bully
學校里的惡霸學生
toxic
containing poison; poisonous 有毒的；引起中毒的
toxic chemicals/fumes/gases/substances
有毒的化學品 / 煙霧 / 氣體 / 物質
to dispose of toxic waste
處理有毒廢料
Many pesticides are highly toxic .
許多殺蟲劑毒性很大。
obsolete
no longer used because sth new has been invented 淘汰的；廢棄的；過時的
out of date
obsolete technology
過時技術
With technological changes many traditional skills have become obsolete.
隨著技術的革新，許多傳統技藝已被淘汰。
slick
(slicker, slickest)
(sometimes disapproving) done or made in a way that is clever and efficient but often does not seem to be sincere or lacks important ideas 華而不實的；虛有其表的；取巧的
a slick advertising campaign
華而不實的廣告攻勢
a slick performance
表面熱鬧但內容貧乏的演出
(sometimes disapproving) speaking very easily and smoothly but in a way that does not seem sincere 花言巧語的；能說會道的；油滑的
slick TV presenters
伶牙俐齒的電視節目主持人
a slick salesman
花言巧語的推銷員
done quickly and smoothly 嫻熟的；靈巧的；流暢的
The crowd enjoyed the team's slick passing.
觀眾欣賞了這支球隊嫻熟的傳接配合。
a slick gear change
靈巧的換擋
smooth and difficult to hold or move on 滑；滑溜溜的
The roads were slick with rain.
下雨路滑。
More than you might think. This year Walmart’s shares have risen by40% on hopes that it has more than a fighting chance. It is clear that selling groceries online is very different from selling books. In food, penetration of e-commerce is low, at 2%, compared with 9% for all retail. Food is perishable. People will not Stuffit in their mouths unless they trust its provenance. They also want flexibility—to buy food in a store, to order online and pick it up themselves, or to have it delivered to their homes. So some physical infrastructure is helpful. “I wouldn’t want another set of assets,” Doug McMillon, Walmart’s boss, told the Economic Club of New York in November.
penetration
the act or process of making a way into or through sth 穿透；滲透；進入
The floor is sealed to prevent water penetration.
地板加了密封涂料防止滲水。
the company's successful penetration of overseas markets
公司對海外市場的順利開拓
the act of a man putting his penis into his partner's vagina or anus （男人陰莖的）插入
perishable
(especially of food 尤指食物) likely to decay or go bad quickly 易腐爛的；易變質的
perishable goods/foods
易腐爛變質的商品 / 食物
provenance
|?pr?v?n?ns; 美 ?prɑ:v-|
[不可數名詞, 可數名詞](technical 術語) the place that sth originally came from 發源地；起源；出處
All the furniture is of English provenance.
所有這些家具都是英國貨。
There's no proof about the provenance of the painting (= whether it is genuine or not) .
這幅畫的真偽無法鑒別。
infrastructure
|??nfr?str?kt??(r)|
[可數名詞, 不可數名詞] the basic systems and services that are necessary for a country or an organization to run smoothly, for example buildings, transport and water and power supplies （國家或機構的）基礎設施，基礎建設
He has run Walmart’s businesses in Europe and Asia, where ecommerce for groceries is more developed. In 2016 Walmart spent $3bn buying Jet.com, an e-commerce firm whose boss,Marc Lore , now runs all Walmart’s online operations. Walmart has launched internet-based services such as “Easy reorder” and “Pickup discount” and formed a partnership with Latch, which lets its users open and lock their front doors remotely. On September 29th it acquired Parcel, a logistics startup. On December 6th it changed its legal name from Walmart Stores, to just Walmart.
logistics
|l??d??st?ks|
[不可數名詞+單數/復數 動詞] ~ (of sth) the practical organization that is needed to make a complicated plan successful when a lot of people and equipment is involved 后勤；物流；組織工作
the logistics of moving the company to a new building
把公司搬遷到一座新大樓的過程中需要進行的組織工作
[派生詞]
logistic
( also logistical |l??d??st?kl|)
adj.
logistic support
后勤支持
Organizing famine relief presents huge logistical problems.
組織饑荒救濟工作涉及繁重的安排協調問題。
There are three reasons to be optimistic. First, Walmart’s performance has improved. In the most recent quarter, same-store sales rose by 2.7% year on year, and store traffic by 1.5%. Food sales increased at their fastest pace in six years. Sales from e-commerce represent only about 2% of the total but are rising at an annual rate of 50% (customers who shop online and in stores typically spend twice as much as?those who only go to stores). Walmart has the second-most-downloaded retail app, after Amazon’s.
Second, Amazon’s behaviour is a backhanded compliment.?In June it spent $14bn on Whole Foods, a mid-sized grocery chain, The deal brings Amazon more physical locations to sell, sort and dispatch goods. It also gives it trusted private-label brands, of the kind Walmart already has. If you type “spinach” into Amazon.com, bags of Whole Foods branded greenery appear.
backhanded
|?b?k?h?nd?d|
having a meaning that is not directly or clearly expressed, or that is not intended 間接的；拐彎抹角的；有言外之意的
習語
a backhanded compliment
(US also left-handed compliment) a remark that seems to express admiration but could also be understood as an insult 隱含譏諷的恭維
dispatch
[動詞 + 名詞短語]
~ sb/sth (to…) (formal) to send sb/sth somewhere, especially for a special purpose 派遣；調遣；派出
Troops have been dispatched to the area.
部隊已派往那個地區。
A courier was dispatched to collect the documents.
已派信使去取文件。
~ sth (to sb/sth) (formal) to send a letter, package or message somewhere 發出，發送（郵件、包裹、信息）
Goods are dispatched within 24 hours of your order reaching us.
訂單到達我方24小時內發貨。
(formal) to deal or finish with sb/sth quickly and completely 迅速處理；迅速辦妥；迅速完成
He dispatched the younger player in straight sets.
他連續幾盤迅速擊敗了那位比他年輕的選手。
(old-fashioned) to kill a person or an animal 殺死；處決
【名詞】
[不可數名詞](formal) the act of sending sb/sth somewhere 派遣；調遣；發送
More food supplies are ready for immediate dispatch.
更多的食品供應已備妥即刻發運。
[可數名詞] a message or report sent quickly from one military officer to another or between government officials （軍事人員或政府官員之間的）急件，快信
[可數名詞] a report sent to a newspaper by a journalist who is working in a foreign country （駐外國記者發給報刊的）新聞報道，電訊
dispatches from the war zone
從戰區發來的報道
with dispatch
(formal) quickly and efficiently 迅速而有效
spinach
|?sp?n?t?; -?d?|
[不可數名詞] a vegetable with large dark green leaves that are cooked or eaten in salads 菠菜
Lastly, the example of China points to a fusion of the online and physical worlds.?In some ways the country is more advanced than America; e-commerce comprises 9% of grocery sales, according to Alliance Bernstein, a research ?rm. On November 20th Alibaba, an e-commerce giant, bought 36% of Sun Art Retail, a hypermarket retailer. Four of the six biggest Chinese supermarket chains have partnerships with e-commerce platforms. (Walmart, which has424 stores in China, has teamed up with JD.com.)
fusion
|?fju:?n|
[不可數名詞, 單數] the process or result of joining two or more things together to form one 融合；熔接；結合
the fusion of copper and zinc to produce brass
銅與鋅熔合成黃銅
The movie displayed a perfect fusion of image and sound.
這部電影展示了音響與影像的完美結合。
( also nuclear fusion) [不可數名詞](physics 物) the act or process of combining the nuclei (= central parts) of atoms to form a heavier nucleus , with energy being released 核聚變；熱核反應
[不可數名詞] modern music that is a mixture of different styles, especially jazz and rock 合成音樂，混合音樂（尤指爵士樂和搖滾樂）
[不可數名詞] cooking that is a mixture of different styles （各種方式的）混合烹調
French–Thai fusion
法泰式混合烹飪
The duel between Walmart and Amazon could go in two directions. It might escalate into a war across America, for both companies hate losing. Or each firm might?conquer different geographical areas and demographic groups. Amazon could seize well-to-do cities, where population density is high and home delivery is more efficient. Walmart could continue to rule suburbia.
duel
a formal fight with weapons between two people, used in the past to settle a disagreement, especially over a matter of honour 決斗
to fight/win a duel
進行 / 贏得決斗
to challenge sb to a duel
要求與某人決斗
a competition or struggle between two people or groups （雙方的）競爭，斗爭
a verbal duel
舌戰
demographic
|d??m?gr?fi; 美 -?mɑ:g-|
[不可數名詞] the changing number of births, deaths, diseases, etc. in a community over a period of time; the scientific study of these changes 人口統計；人口統計學；人口學
the social demography of Africa
非洲社會人口統計
suburbia
|s??b?:bi?; 美 -?b?:rb-|
[不可數名詞](often disapproving) the suburbs and the way of life, attitudes, etc. of the people who live there 郊區及其居民的生活方式（或態度等）
Either way, margins will probably be squeezed as Amazon throws money at the fight with its customary abandon. Mr McMillon knows this. “One of the challenges at Walmart is that we don’t have free money—we are expected to make a profit,” he says. The danger?is that it overestimates how much physical presence it?needs. If it went back to its position in 2006, it could cut?its domestic asset base by34% and still have 90% of?Americans within 15 miles of a store. For every dollar of?sales, it has twice as many square feet of sales and distribution space as Amazon’s retail operation (including Whole Foods). If Mr McMillon is brave he will sell store sand return capital to investors. Walmart?needs to make its balance-sheet leaner.
margin
[可數名詞]
the empty space at the side of a written or printed page 頁邊空白；白邊
the left-hand/right-hand margin
左 / 右頁邊
a narrow/wide margin
窄 / 寬空白邊
notes scribbled in the margin
隨手寫在頁邊上的筆記
[常用單數形式] the amount of time, or number of votes, etc. by which sb wins sth （獲勝者在時間或票數上領先的）幅度，差額，差數
He won by a narrow margin .
他以微小的差額獲勝。
She beat the other runners by a margin of ten seconds.
她以領先十秒的優勢戰勝了其他賽跑者。
(business 商) = profit margin
What are your average operating margins?
你的平均營業利潤率是多少？
a gross margin of 45%
45%的毛利
[常用單數形式] an extra amount of sth such as time, space, money, etc. that you include in order to make sure that sth is successful 余地；備用的時間（或空間、金錢等）
a safety margin
安全距離
The narrow gateway left me little margin for error as I reversed the car.
門口狹窄，弄得我倒車時幾乎不能出任何差錯。
(formal) the extreme edge or limit of a place 邊緣；極限；界限
the eastern margin of the Indian Ocean
印度洋的東岸
[常用復數] the part that is not included in the main part of a group or situation 邊緣部分；非主體部分
people living on the margins of society
生活在社會邊緣的人
(Australian English,New Zealand English) an amount that is added to a basic wage, paid for special skill or responsibility （基本工資以外的）技術津貼，職務補貼
capital
A.CITY 城市
( also capital city) [可數名詞] the most important town or city of a country, usually where the central government operates from 首都；國都
(figurative)Paris, the fashion capital of the world
巴黎——世界時裝之都
Cairo is the capital of Egypt.
開羅是埃及的首都。
B.MONEY 金錢
[單數] a large amount of money that is invested or is used to start a business 資本；資金；啟動資金
to set up a business with a starting capital of ￡100 000
以10萬英鎊為啟動資金創辦一個企業
[不可數名詞] wealth or property that is owned by a business or a person 財富；財產
capital assets
資本資產
capital expenditure (= money that an organization spends on buildings, equipment, etc.)
資本投資
[不可數名詞](technical 術語) people who use their money to start businesses, considered as a group 資方
capital and labour
資方與勞方
C.LETTER 字母
( also capital letter) [可數名詞] a letter of the form and size that is used at the beginning of a sentence or a name (= A,B,C rather than a,b,c) 大寫字母
Use block capitals (= separate capital letters) .
使用大寫字母。
Please write in capitals/in capital letters .
請用大寫字母書寫。
D.ARCHITECTURE 建筑
the top part of a column 柱頂；柱頭
習語
make capital (out) of sth
to use a situation for your own advantage 從…中撈取好處；利用…謀求私利
The opposition parties are making political capital out of the government's problems.
各反對黨都在利用政府存在的問題撈取政治資本。
What’s in store for Amazon
Walmart is probably the most formidable adversary Amazon has ever faced. Disrupting the music, book and media industries, each knownfor their Corinthian spirit and long lunches,was child’s play compared with taking on Walmart, with its fanatical commitment to low prices.
formidable
|?f?:m?d?bl; f??m?d-; 美 ?f?:rm-; f?r?m-|
if people, things or situations are formidable , you feel fear and/or respect for them, because they are impressive or powerful, or because they seem very difficult 可怕的；令人敬畏的；難對付的
In debate he was a formidable opponent.
在辯論中他是位難應付的對手。
She has a formidable list of qualifications.
她有一長串令人敬畏的資歷。
The two players together make a formidable combination.
這兩個隊員配對兒，難以對付。
The task was a formidable one.
這任務非常艱巨。
They had to overcome formidable obstacles.
他們得克服重重障礙。
adversary
|??dv?s?ri; 美 -v?rseri|
(formal) a person that sb is opposed to and competing with in an argument or a battle （辯論、戰斗中的）敵手，對手
Walmart’s history is also a warning. If you examine the two companies’ financials, Amazon today looks almost identical to Walmart in 1999. It has annual salesof$160bn or so, low margins, fast growth, a ballooning asset base and massive capital investment. The firm’s managers are on a high and investors have dizzying expectations for the future. But for the ten years after 1999, Walmart’s share price was as flat as a pancake, because all the good news was already baked in.The actual business of world dominationturned out to be a long, hard slog.
slag
(informal)
~ (through sth) | ~ (away) (at sth) to work hard and steadily at sth, especially sth that takes a long time and is boring or difficult 埋頭苦干；堅持不懈地做
[單獨使用的動詞]
He's been slogging away at that piece of music for weeks.
他苦練那段樂曲已有好幾個星期了。
[動詞 + 名詞短語]
She slogged her way through four piles of ironing.
她辛辛苦苦一連熨了四堆衣服。
[動詞 + 副詞或介詞短語] to walk or travel somewhere steadily, with great effort or difficulty 頑強地走；奮力前行；艱難行進
He started to slog his way through the undergrowth.
他踏上了穿越林莽的艱難征程。
I've been slogging around the streets of London all day.
整整一天，我一直在倫敦街頭走來走去。
[動詞 + 名詞短語, 單獨使用的動詞, usually + 副詞或介詞短語] to hit a ball very hard but often without skill 猛擊，笨拙地猛擊（球）
【名詞】
[不可數名詞, 可數名詞, 常用單數形式] a period of hard work or effort 一段時間的艱苦工作（或努力）
Writing the book took ten months of hard slog.
這本書是苦熬十個月寫出來的。
It was a long slog to the top of the mountain.
到山頂的路漫長而艱難。
