With death coming to retail seemingly the anthem on Wall Street this week, Barclays just revealed how an-already bleak situation for bricks-and-mortar players could get even worse.

Amazon.com Inc.’s (AMZN) proposed $13.7 billion acquisition of Whole Foods Market Inc. (WFM) has caused investors to pull back from almost all the companies operating in the grocery space, including Kroger Co. (KR) , Costco Wholesale Corp. (COST) and Target Corp. (TGT) . But not Walmart Stores Inc. (WMT) .

Since the announcement of the blockbuster deal on June 16, shares of Walmart gained 7.2%, indicating that Wall Street doesn’t view e-commerce giant Amazon as competition to the big-box, discount retailer. Rather, both companies, together, will wreak havoc on the retail industry, Barclays analyst Karen Short said in a research note on Friday.

“We believe…

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