Whole Foods Market announced in May 2015 that it plans to launch stores that are geared toward “value-oriented” customers, particularly millennial shoppers, in 2016.
Ilana Rosen of retail consultant The Parker Avery Group explains that Whole Foods lost its competitive edge in carrying organic products as competitors that sell similar products at lower prices, including Trader Joe’s, emerged on the scene.
Rosen predicts that the new stores still will carry quality, organic products but that the selection will be of a less premium nature. This will permit pricing of at least 30 percent less than the products that are found in Whole Foods Market stores and be on par with the prices of Trader Joe’s fare, she says. Because Whole Foods says it wants to attract millennial shoppers, Rosen believes that the chain will offer quick meals and individual salads, which fit the millennial lifestyle.
Whole Foods says it will release further details before Labor Day 2015.