The Harvey Norman Holdings Limited share price has fallen 26% this year

In afternoon trade the Harvey Norman Holdings Limited (ASX: HVN) share price is down almost 3% to $3.78.

This latest decline means the electronics retailer’s shares are down approximately 26% year-to-date.

Concerns over the imminent arrival of retail behemoth Amazon in Australia have largely been behind Harvey Norman’s share price decline.

Industry peer and arch rival JB Hi-Fi Limited (ASX: JBH) is also nursing a sizeable decline this year. Its shares are down close to 19% in 2017.

A research note out of Citi in May revealed that its analysts have cut their long-term earnings growth estimates for JB Hi-Fi and Harvey Norman by 40% and 30%, respectively.

This is largely down to Citi’s view that the retailers will have to slash prices in order to compete with Amazon.

Still, it is worth noting that Amazon has yet to formally announce when it plans to enter the Australian retail market.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Amazon. Motley Fool contributor Motley Fool Staff 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.

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