Whole Foods tends to generate big buzz whenever it announces a new store location. Now, the grocery powerhouse is announcing a whole new kind of store.
In an announcement to investors Wednesday, John Mackey, Co-Chief Executive Officer for Whole Foods, said the new store will be a new format including “value prices.” Mackey also said the “values-oriented experience (will be) geared toward millennial shoppers.”
While there wasn’t a lot of information in the reveal, Mackey used words like “streamlined design,” “innovative technology,” “curated selection,” and “great prices.” He stressed these new stores would add to what Whole Foods is already known for – fresh, high quality food.
Mackey said the company is building a team now to work on this new concept and they are already negotiating leases for locations. Whole Foods hopes to open stores next year and expand quickly after that.
This is the first time Whole Foods has tried opening a new kind of store.
Mackey said, “We now have a successful track record of opening some smaller format stores with a lower cost structure.” The company expects to reveal more information about the new stores before Labor Day.