Published on : May 07, 2015
Whole Foods has been planning to change its reputation as a grocery with the fresh food bearing high prices by starting a different chain of low priced stores that is aimed at Millennials.
The company further made an announcement in between its second quarter in the earnings conference call on Wednesday. Whole Foods, which is known for its natural food selection, organic food, clean stores, and huge displays of bright, fresh produce, has been losing its traction in the present time, due to the fresh and organic foods, which have gained more popularity in the mainstream grocery chains.
The company recently earned a nickname as ‘Whole Paycheck’, in regards with how much expensive the store is and it can almost take the whole salary to shop in there. As a result, the executive of the company informed on a call that they have decided to open new stores, which will cater to the new generation of shoppers who are still interested in buying natural and organic foods; however, at a less price and avail a different shopping experience.
Walter Robb, the co-CEO of the company stated that the stores will be modern, bear streamlined design, and an innovative technology, along with a curated selection.
The stores will be opening in the next year; however, the executives have declined to furnish any details regarding the number of outlets and its location. They just informed that more information on this will be coming in between the fall.
At present, Whole Foods has around 400 stores in Canada, the U.S., and the United Kingdom. The company is planning to open at least 100 more stores.
The shares of Whole Foods (WFM) were down about 13% in the pre-market trading just after its second quarter earnings that missed the expectations of analyst.