Whole Foods is launching a new concept aimed at millennial customers, or those who reached young adulthood around the year 2000, co-CEO Walter Robb told investors this week. “We are excited to announce the launch of a new, uniquely-branded store concept unlike anything that currently exists in the marketplace,” he said. “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.”
According to Robb, Whole Foods is building a team to focus exclusively on this new concept and is currently negotiating leases. The plan is to begin opening stores next year, and given the more standardized design and product assortment, the company expects a fairly rapid expansion from there. “We believe the growth potential for this new and complementary brand to be as great as it is for our highly successful Whole Foods Market brand,” Robb said. “We look forward to sharing more details about this exciting new venture sometime before Labor Day.”
Whole Foods, which operates 417 stores and has 113 stores under development, posted record sales in its second quarter ended April 12. The company said same-store sales grew 3.6 percent and total sales increased 10 percent to $3.6 billion.