Editor's Note: The chart and excerpt below are from this morning's Early Look written by Hedgeye Retail Analyst Alec Richards. Click here for more info on how you can become a subscriber. 

...To borrow a Keithism – change happens slowly, then all at once. It was as true for Plante and the goaltending profession as it is for the retail industry. That’s never been more clear than it is today with the proliferation of e-commerce. To throw some numbers into the equation, the top 500 retailers on the internet generated $297 bil in sales in the US in 2014, almost 2.5x the $126 bil number posted in 2009. Good for a 19% CAGR. And it doesn’t appear to be slowing down as consumers continue to shift their spending behavior to the web.

CHART OF THE DAY: Have You Seen This E-Commerce Chart? (Change Happens Slowly, Then All At Once)  - z cod E comm sales