Whole Foods to launch more affordably priced grocery stores
Whole Foods has announced its plans to launch a line of grocery stores at a more affordable price point.
The Austin-based chain, nicknamed ‘whole paycheck’ for its higher prices, hopes the move will cater to its millennial customers who don’t want to sacrifice quality while paying lower prices.
“We believe the growth potential for this new and complementary brand to be as great as it is for our highly successful Whole Foods Market brand,” said the brand’s co-chief executive officer, Walter Robb. “We look forward to sharing more details about this exciting new venture sometime before Labor Day.”
The move comes after the company’s growth showed signs that it is slowing, seeing a smaller-than-expected 3.6 per cent store sales growth in the last quarter.
A special team has been charged with designing the new, yet-unnamed stores, and is currently negotiating leases.
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