AMZN grabing WFM , Any life left in grocery sector?

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Online retailing has witnessed very rough weather on brick-and mortar retailing NYSE:M , NYSE:KSS , SIX:JCP , NYSE:JWN and many more. Now, it seems that the same fame is awaiting the grocery space, when NASDAQ:AMZN 'offered' to purchase NASDAQ:WFM , then most grocery stocks dropped about 10%.
Is this drop justified ?
Regardless of it is good or bad for Amazon, the grocery sector was punished by this news and I don’t think stocks like NYSE:WMT , NYSE:KR , NASDAQ:COST , NYSE:TGT and TSX:L deserved to plummet nearly 10% on the news inducted investor psychology.

If AMZN buys WFM today, it might take it four to five years to take on grocery sector. So there is some life left in grocery sector, and there is an opportunity that can be considered.
First Trust NASDAQ Retail ETF (PACF:FTXD). This ETF tracks index of 50 U.S. retailers.
VanEck Vectors Retail ETF (PACF:RTH) index of the 25 U.S. listed companies.
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