Could Whole Foods Market, land of organic yak yogurt and $6 asparagus water, be on its way to becoming more affordable? The grocer's latest earnings report was released Wednesday, revealing that sales aren't currently reaching shareholders' expectations: Same-store sales were down 0.2 percent for the last quarter — the first such drop in six years, notes Business Insider — and so far this quarter they're down more than 2 percent.
To stem the tide of declining sales, Whole Foods is looking to that magic four-letter word: sale. "... Customers can expect to see a lot more sales on produce, meat, seafood, and other items in Whole Foods stores over the next couple of months," notes Business Insider. Don't expect the yuppie favorite to compete with Walmart or Aldi on pricing, though: Fortune says "Co-CEO John Mackey has vowed not to get pulled into a price war, arguing that his customers get superior food and service and are willing to pay for it."
Further assisting the grocer to bring in shoppers who like the Whole Foods experience but not the prices is a new collection of lower-priced spinoff stores: Whole Foods 365 is set to open its first five locations next year. Perhaps targeting a wider demographic — including those elusive millennials — will help pull the grocer out of its sales slump and better compete with other retailers like Costco, which recently overtook Whole Foods as the nation's biggest organic grocer.