Shareholders of JB Hi-Fi Limited (ASX: JBH) will be dismayed to see its share price drop by over 5% today, wiping out all the gains it has made in the last three months.

On a day in which Dick Smith Electronics announced it would be closing its doors for good on May 3, you would expect the share price to be climbing and not retreating.

One less competitor to worry about and market share up for grabs is great news. But it does appear that investors are worried about the suspected presence in Australia of the fifth richest man in the world.

It is believed that Amazon founder Jeff Bezos is in Sydney presently planning on extending its retail presence in Australia. Currently Amazon.com.au has just a Kindle and Audible store, but there are many that believe this is about to change.

According to The Australian, Amazon is in the process of opening up new services and offerings which will shake up the Australian retail industry.

If this is the case then retailers such as JB Hi-Fi and Harvey Norman Holdings Limited (ASX: HVN) could be in for a real battle. It will come as little surprise that Harvey Norman shares are declining also today.

Although it is of course just speculation at the moment and nothing may come of it, the market clearly has been spooked. The question now is whether JB Hi-Fi’s shares are a good investment at the current price.

At around 14x estimated FY 2016 earnings the shares are good value in my opinion. Though I would expect further declines if something does materialise from the current speculation.

It might be best holding off from investing until after Amazon reports its first quarter earnings on April 28. Any plans of expanding its operations in Australia will likely be announced on the earnings call that follows the quarterly release.

In the mean time, there are a number of quality shares which could provide investors with fantastic returns that aren’t at risk of Amazon disruption. I think they are worth a close look at today.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.