Whole Foods To Launch Discount Chain

Whole Foods yesterday announced that it will launch a discount subsidiary that will market to millennials.

"The store will be "unlike anything that currently exists in the marketplace," Walter Robb, co-CEO of Whole Foods, said in a release. But based off his description, it sounds pretty similar to Trader Joe's, which sells a curated selection of private-label foods at cheap prices. In describing the new store concept, Robb 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." The company said it is building a team solely to develop the stores and negotiate leases. It plans to launch them next year and expects a "rapid expansion" thereafter.

Whole Foods' stock value dropped 11% this week after the company reported lower than expected earnings.