Amazon is expanding in the grocery business, which could create a headache for CEO Jeff Bezos' onetime mentor, Costco Wholesale CEO Jim Sinegal. Executives at Costco say they aren't overly worried but admit they'll be watching Amazon's efforts. "We view Amazon as one of our primary competitors in almost every category," said Paul Latham, Costco's vice president for membership, marketing and services. "We all believe we are going to have to adapt in some form."

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