Whole Foods to debut new store concept in 2016 targeting millenials

Austin, Texas -- Whole Foods Market on Wednesday announced plans to debut a new store format targeted at millenials. The company said the stores are expected to begin opening next year, and the expansion will be “fairly rapid.” It did not reveal the name of the new banner.



“Today, we are excited to announce the launch of a new, uniquely-branded store concept unlike anything that currently exists in the marketplace,” said Walter Robb, co-CEO of Whole Foods Market. “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 to focus exclusively on this new concept and is currently negotiating leases.



“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,” added Robb. “We look forward to sharing more details about this exciting new venture sometime before Labor Day.”



The move comes as Whole Foods faces increased competition from traditional supermarkets and other retailers, such as Walmart and Target, who are showing increased interest in natural and organic products.



On Wednesday, Whole Foods said its profit for the second quarter rose to $158 million. Total sales came in at $3.65 billion, short of the $3.71 billion analysts expected. Same-store sales rose 3.6%



Whole Foods Market currently operates 417 stores and has 113 stores in development.