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In an interview with the Telegraph in the UK, Andy Bond, the former CEO of Walmart-owned Asda Group there, said that he fully expects Amazon to "eclipse" Walmart in terms of size and volume by 2020, saying that this is typical of a "period of vast change," and adding, "No one should underestimate what internet companies are doing to the retail industry."

Bond also addressed the subject of executive compensation: "The multiples earned by top executives compared to average salaries has got to a point where it's slightly gratuitous in some circumstances. Things have got out of control," he said. "Do people deserve to earn a lot of money? Yes. But the whole economic reward thing has become too much the focus, for management and for investors."

Bond currently is the chairman of the fashion company Republic and the internet-based bicycle company Wiggle, and he has the following take on how e-commerce will converge with bricks-and-mortar:

"People tend to describe retail in a binary way – bricks and mortar or online – but we're going to see a convergence. The costs of running an online business are increasing dramatically – whether through people or marketing costs – while the state of the economy and lower demand means the costs of bricks and mortar are going down.

"I think you'll see online retailers take the view that marketing brands through bricks and mortar becomes increasingly appealing. But it will be about using shops to create a brand, not just to sell product."
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