Finally Affordable: Whole Foods to Launch Lower-Cost Food Chain
Whole Foods has finally caught on to the idea that not everyone can afford slow-churned almond butter or organic kalettes at prices that put gigantic holes in your wallet. Today, the fast-growing organic grocery store chain announced during its quarterly earnings report that it will be launching a subset chain of cheaper stores aimed at younger shoppers. So basically, millennials will get the farm-to-shelf experience without shelling out half of their paychecks.
"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," CEO John Mackey told CNN Money. "You have to be willing to evolve with the marketplace... to serve your customers."
Although not many details have been revealed yet about the new stores (like when or where they will be opening), Whole Foods said that the company is currently negotiating leases and will release more details by the end of September. Total Whole Foods sales are expected to grow 9 percent in the next year, so maybe they’re feeling lucky.
The Twitterverse remains skeptical:
Whole Foods launching cheaper stores to "target millenials" as opposed to idk, offering more people alternatives to processed foods
— Minority Rapport (@sangfroid_san) May 7, 2015
Cheaper Whole Foods' chain! Too bad aimed at frugal millennials instead of food deserts in low-income communities. http://t.co/IzNbvFdWFZ
— Katie V (@kval143) May 7, 2015
Whole Foods is launching a lower-priced grocery chain. Possible names inc. “Half Paycheck” and "Trader Joes” https://t.co/nvLgZNFSFr
— Kevin Smokler (@Weegee) May 7, 2015