Whole Foods Market Inc. recently announced the launch of 365 by Whole Foods; a new chain of stores providing “grocery staples, fresh produce, prepared foods and more, 365 days a year. It’s a new convenient and affordable way to get the good stuff you crave, all with the same quality standards you find today in our Whole Foods Market stores.”
According to Whole Foods co-CEO John Mackey, the 365 by Whole Foods stores are set to open by mid 2016 and will have a positive impact on the Whole Foods empire itself.
“If you’re not willing to attack your own business model, you can’t expect other people not to attack it,” says Mackey. “You have to be willing to disrupt yourself because others are going to disrupt you. But I don’t think 365 is going to disrupt Whole Foods Market. I think it will actually help the key brand to evolve because the stores are going to introduce some new ideas that will accelerate Whole Foods’ evolution.”
Mackey told investors at the Morgan Stanley Global Consumer & Retail Conference that the company is taking “the best elements of competitors like Trader Joe’s and Sprouts and also the very best of Whole Foods, putting [them] in a very compelling package and marketing them to the Millennial generation. These stores are going to have a techno buzz to them, and they’re going to be fun and very accessible. And they are going to be less expensive.”
