Whole Foods Market co-CEO Walter Robb said Monday at Fortune Brainstorm E, an energy and environment conference in Austin, that the food industry is currently going through a "tectonic shift," as the millennial generation drives a push toward greater sustainability and transparency when it comes to what food they eat.
"This thing is continuing to move, and you better get on board with it or you're going to get left behind," Walter said. He added that the warning was also applied to Whole Foods, HelpInUs reported. As a matter of fact, he and Whole Foods Chief Information Officer Jason Buechel, also a member of the company's executive team, have spoken in their hometown market amidst news swirling that the company is cutting a total of 1,500 jobs.
Walter revealed the cuts would free up money to invest in lower prices, technology and marketing. He, however, added that the company is still growing by opening an additional 40 stores yearly with plans to unveil the first of its new lower-priced 365 chain April next year.
Too, he emphasized to the food industry's double-digit upsurge in sales of organic products. "All the growth is on this side of the ledger... There's plenty of business to get."
Walter shared that one plan of Whole Food to compete is through investment in technology which should be copiously incorporated into retail. "There's no separation anymore," he said.
He even cited the company's relationship with grocery-delivery service Instacart as an example, which has been experiencing tremendous month-over-month growth. "It's not a replacement for going to the store," he said. "It's a partner to going to the store."
Meanwhile, Jason has revealed the three major technology platforms which the company is planning to invest in. "The first will be for team members (Whole Foods speak for employees) to help with tasks like better labor scheduling. The second, for customers, includes the company's new loyalty program as well as more transparency for consumers into what's on the shelves; the third is related to products, which Buechel said would "change our entire look at the supply chain," Time shared.
