February 12, 2016
Amidst an online retail revolution, Whole Foods is one of the most innovative retailers when it comes to merging experience while protecting profit. The chain is implementing two new tactics, as the organic grocery business becomes increasingly competitive.
With its introduction of 365 by Whole Foods, the grocer aims to appeal to millennials on tighter budgets. Additionally, Whole Foods has promised to ramp up its prepared foods business and offer more discounts. Although total sales have risen by 3 percent, that number has fallen by nearly 2 percent for stores open less than a year.
In looking ahead, the grocer plans to open 30 stores this year, including the new 365 outposts. To succeed, 365 must be totally distinguishable from Whole Foods, so as to not cannibalize its own business. Could that mean incorporating tattoo parlors and record shops? Only time will tell as the first 365 store is expected to open in May.
To hear about how owners and developers are repositioning traditional retail assets like Whole Foods, attend Connect Retail West.