Whole Foods Market, the grocery store popularly referred to as “Whole Paycheck,” is actually about to become affordable for once.
The chain’s recently poor performance, which saw sales dip for the first time since 2009, is now the driving force behind adding more discounts. In an earnings call on Wednesday, co-CEO John Mackey addressed the shift in strategy:
“If we had a magic bullet, we’ve already shot it. 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.”
For customers, this means more sales on produce, meat, seafood and more. Customers will also see more limited-time discounts, according to Business Insider.
Part of the decline in sales for the store is attributed to increased competition in the retail of all-natural and organic foods and products. In response, Mackey explained that the chain will push to do a better job at showing customers why Whole Foods’ organic food is better than conventional grocers.
The grocery chain also plans to expand into younger demographics with their 365 by Whole Foods Market stores into 2017. Mackey explained that 365 will be what Nordstrom Rack is to Nordstrom.
Whole Foods will also be introducing a range of lower-priced products at its new chain of 365 by Whole Foods Market stores. Mackey explained:
“The time is right to take the high-quality standards we have developed over the last 35-plus years, and make them more broadly accessible through a streamlined, value-focused format and serve communities we would not be able to reach with our larger Whole Foods Market stores.”
Written by Nextshark