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Whole Foods To Open Lower-Cost Stores

By on May 11, 2015
whole foods

whole foods

Every company in the world is trying its best to understand and market to millennials. Even the most biggests brands such as Whole Foods, knows that they have to do things differently if they want to capture this market.

 

On a recent conference call Whole Foods CEO John Mackey revealed that health conscious company will be opening a new chain that will be “hip, cool, and technology-oriented,” as well as cheaper than the traditional Whole Foods.

 

The new unnamed brand will hold true to the company’s mission of providing quality products. Mackey said this transition is a natural progression to remain relevant. “We’ve been so successful that we’ve actually bred a lot more competition and everyone is jumping on the natural and organic food bandwagon, and that’s really, frankly, due to our success,” Mackey said. “You have to be willing to evolve with the marketplace … to serve your customers.”

Mackey declined to reveal further details about the upcoming launch but he did mention that Whole Foods is currently negotiating multiple leases for the new stores and we can expect to hear further details in September.


Surprisingly, this news did not help the company’s stock as it went tumbling down by more than 11% after revealing their quarterly earnings earlier last week. It remains to be seen if Whole Foods branching off to reach millennials will win back investors trust in their stock.