Amazon, the e-commerce giant raising more fears of its monopoly powers with its new plans to open grocery stores around the country, says it’s far from becoming a monopoly and instead faces an intense rivalry in the retail sector and will be dwarfed by grocery chains like Kroger and Walmart.

“There is an important difference between horizontal breadth and vertical depth,” Amazon said in a statement to the Washington Examiner. “We operate in a diverse range of businesses, from retail and entertainment to consumer electronics and technology services, and we have intense and well-established competition in each.”