Whole Foods Market is about to go down, way down when it comes to their products' prices. The reason? The grocery store, which has been popularly referred to as "Whole Paycheck," according to Food Beast, has been losing its customers.
In 2009, the chain's sales dipped for the first time due to poor performance. According to the Business Insider, Whole Foods same-store sales declined by 0.2% last quarter. This quarter, the chain's same-store sales reportedly went down again, this time by 2.1%.
In an effort to boost sales and win back its customers, Whole Foods Market is going cheap and offering lower-priced products, as well as more discounts.
Co-CEO John Mackey announced the grocery chain's new strategy Wednesday during an earnings call.
"If we had a magic bullet, we've already shot it. We don't think there's anything we can do immediately except increase promotional activity to drive sales. We think it's basic blocking and tackling," Mackey said.
There will now be cheaper, Whole Foods sales when it comes to meat, seafood, produce, among other foods.
The Business Insider also reported that more limited-time discounts are in store for loyal Whole Foods customers.
Apparently, a huge factor in their customers declining is increased competition in all-natural and organic foods retail. To battle this, Mackey said Whole Foods Market's next aim is to convince people why Whole Foods' organic food is better than other grocers, such as Walmart and Kroger, which also sell organic food, but at lower prices than Whole Foods.
As Whole Foods introduces three new "365 by Whole Foods Market" stores in 2016 and 10 stores in 2017, customers will get more lower-priced products. The aim is reportedly to expand their sales and reach the younger demographics.
"The time is right to take the high-quality standards we have developed over the last 35-plus years, and make them more broadly accessible through a streamlined, value-focused format and serve communities we would not be able to reach with our larger Whole Foods Market stores," Mackey explained.