Whole Foods recently announced that the company would be releasing a new chain of stores that carries lower prices for items. Joining the "365 Everyday Value" brand, the new chain was coined "365 by Whole Foods Market."

Whole Foods co-CEO Walter Robb told The Associated Press of the new development. He notes that national brands as well as the 365 products will be carried be the less costly chain.

The announcement of the new flagship came in May. Since then, many have pondered about the stores' names because of trademark filings done by Whole Foods Markets Inc.

Names like Clever Egg, DailyShop, Greenlift, Small Batch or Swift goods were being considered, to which Robb referred to as "decoys" in an interview. He also added that his new "claim could also be a decoy to divert people about other plans," as said by The Associated Press.

"365 by Whole Foods Market" will begin opening in 2016, as the Whole Foods brand unceasingly strives to stand out from its competitive rivals. In their early announcements, Whole Foods stated that "365" is "geared toward milennials."

However, Robb also pointed out that in spite of their new target market, "365 by Whole Foods" is aimed to attract any other consumer that prefers to shop quickly and conveniently.

Sales have been sluggish for Whole Foods across its over 400 outlets as mainstream grocery outlets and bulk retailers have added organic and natural products to its offering.

The cheaper spinoff seems to have been inspired by the overwhelming success of Trader Joe's and Sprouts - both of which emphasize "value and store-brand products."

"They've identified millennial shoppers, younger shoppers who are very particular about what they eat, but also tough about what they can spend on food," retail editor for Supermarket News Jon Springer said.

Many companies in this sector are growing to diversify and accommodate this new category of consumers, Even Wal-Mart Stores Inc. is opening stores called "Neighborhood Market," which are smaller than its grand-scale outlets aimed at on-the-go consumers.

The Austin, Texas-based grocery chain described the store as a "streamlined, hip, cool technology oriented store, unlike any store anybody has ever seen before," as said by co-CEO John Mackey.