Though you wouldn't believe it from the lines at its Union Square outpost, Whole Foods hasn't lived up to Wall Street's expectations for growth and is taking action to prevent further slippage. The chain announced plans to boost disappointing shares with a new scheme to woo millennial-type customers who are accustomed to having everything handed to them via their smartphones. The company will open a fleet of lower-priced, technology-oriented stores that hope to bring the Whole Paycheck brand into the good graces of the powerful generation.
"Today, we are excited to announce the launch of a new, uniquely-branded store concept unlike anything that currently exists in the marketplace," said co-chief executive officer of Whole Foods Market Walter Robb in a statement. "Offering our industry leading standards at value prices, this new format will feature a modern, streamlined design, innovative technology and a curated selection. It will deliver a convenient, transparent, and values-oriented experience geared toward millennial shoppers, while appealing to anyone looking for high-quality fresh food at great prices."
Whole Foods hasn't yet leaked any specific details about the new stores, other than they'll be debuting at some point in 2016. That seems conveniently timed with the company's new Williamsburg outpost, which Whole Foods spokesperson Michael Sinatra told us would likely open in 2016 when we spoke to him in February. All of this is but another step in the chain's push to appeal to a new fan base, including social media flash sales and the introduction of digital ordering kiosks in its new stores. But who needs all that when Whole Foods is already so reasonably-priced?