Whole Foods Market scales back growth strategy

Whole Foods Market is feeling the impact of increased competition by mainstream supermarkets.



The retailer is slowing down its rate of opening new stores, reported the Austin Business Journal, and no longer has a goal of 1,200-plus stores.



On a call with investors, CEO John Mackey addressed the expansion potential of the company’s new value-oriented 365 by Whole Foods Market format.



"We remain optimistic about the future growth potential for our 365 format but want to see how this next round of stores perform before getting more aggressive,” Mackey said, according to the report.



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