Good news: Whole Foods is about to get WAY more affordable
It seems like Whole Foods has a whole new business plan. After facing backlash for overpricing certain items, and plummeting profits and customer satisfaction, the company has decided to make some changes.
Business Insider reports that sales at stores open for a least a year are down 2.1% this quarter and that they declined 0.2% last quarter, which is the biggest drop the company has seen since 2009. What are they going to do about it? Offer up some deals that’s what!
We already told you about their unlimited refills coffee deal in September to keep shoppers in their stores and purchasing.
“We don’t think there’s anything we can do immediately except increase promotional activity to drive sales. We think it’s basic blocking and tackling,” Whole Foods co-CEO John Mackey said on an earnings call with investors. He added, “In this dynamic and increasingly competitive marketplace, we recognize we need to move faster and go deeper in creating a solid foundation for our long-term profitable growth.”
What that means for you is more sales at Whole Foods, on a variety of goods. It also means more lower-priced 365 products. According to Business Insider, “The company plans to open three 365 stores in fiscal-year 2016 and up to 10 stores in fiscal-year 2017.” Mackey says the new chain will be to Whole Foods what Nordstrom Rack is to Nordstrom.
The company also plans to do a better job of explaining why their organic and locally sourced food is superior to offerings in other supermarket chains like Kroger or HEB, where prices may be lower than Whole Foods.
Get ready for savings!
(Image via Flickr)