I recently heard Amazon, the world’s largest online retailer, described as a “bull in a china shop” for the way it’s disrupted industry after industry.

But that’s really the wrong analogy. An angry bull lashes out erratically, goring or trampling whatever happens to be in front of it at the moment. Amazon is far too mechanical for that.

The better comparison for Amazon would be a steamroller. Like a steamroller, Amazon slowly and methodically flattens everything in its path.

Bookstores?

Obliterated.

Shopping malls?

On life support… and just barely.

Department stores?

Dying a painful death by 1,000 cuts.

Even grocery stores, convenience stores, and pharmacies – businesses long believed to be “Amazon-proof” – are now at risk of being run over.

With the entire brick-and-mortar retail economy seemingly under attack, retail-focused real estate investment trusts (REITs) have absolutely gotten smashed.

National Retail Properties (NYSE: NNN) – an ultra-high-quality retail landlord I previously recommended in Boom & Bust but have been out of for a while – is down about 20% over the past year, even while the broader stock market is close to all-time highs. And National Retail is the bluest of the blue chips with exceptionally strong tenants.

Some of its more mediocre competitors are down significantly more. Spirit Realty Capital (NYSE: SRC) – which has weaker tenants more directly in Amazon’s path – has seen its stock sink by nearly half in the past year.

What’s the takeaway? Are we looking at a nightmare future of boarded-up shop fronts and decaying, dilapidated retail real estate?

Not exactly.

In fact, Warren Buffett’s Berkshire Hathaway just made a major investment in a retail-oriented REIT. There’s still a lot of value to be had in real estate, at least if you know what to avoid.

So today’s let’s go over some things to keep in mind when putting together an “Amazon-proof” portfolio.