August 28, 2017
Amazon’s $13.7-billion acquisition of Whole Foods Market is expected to officially close today. The Seattle-based e-commerce retailer says it plans to begin slashing prices immediately on a selection of best-selling grocery staples across stores, with more reductions planned.
Amazon’s Jeff Wilke says, “To get started, we’re going to lower prices beginning Monday [today] on a selection of best-selling grocery staples, including Whole Trade organic bananas, responsibly-farmed salmon, organic large brown eggs, animal-welfare-rated 85% lean ground beef, and more.”
The price cuts news wasn’t good for stocks of traditional grocers, which had already been hammered since the merger was announced in June. Analysts expect further grocery stock drops.
More than 60 million members of the Amazon Prime program are being folded into Whole Foods’ customer-rewards program, with new deals at the supermarket chain now available through Prime. Once the programs are fully integrated, Prime members will receive special savings and in-store benefits.
For comments, questions or concerns, please contact Dennis Kaiser