'Whole paycheck' to 'half paycheck'?

by Monica Watrous
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Whole Foods store interior
365 by Whole Foods Market is a value chain developed for millennials.

AUSTIN, Texas – Whole Foods Market, Inc. has announced the name of its new value-focused retail concept geared toward millennial shoppers. 365 by Whole Foods Market is slated to open beginning in 2016, offering convenience and everyday low prices on natural and organic products.

Jeff Turnas will lead the brand as president. Turnas has held various leadership positions in his 20 years with Whole Foods Market, including president of the company’s North Atlantic region and most recently president of the United Kingdom region.

“We are excited to introduce 365 by Whole Foods Market to bring healthy foods to even more communities with a fresh, quality-meets-value shopping experience that’s fun and convenient,” Turnas said. “A modern, streamlined design with innovative technology and a carefully curated product mix will offer an efficient and rewarding way to grocery shop.”

The store will offer grocery staples, fresh produce, prepared foods and more 365 days a year, according to the company’s web site. The move comes at a time when Whole Foods’ track record of robust growth has been showing signs of spoilage. Competition from emerging players in the natural and organic segment, including conventional grocery stores, has been squeezing share from the Austin-based retailer in recent years.

“For the past 37 years, we have built our company by leading with high quality standards and continuous innovation,” Turnas said. “We are now excited for the next evolution to extend our offerings to a broader audience in a way that complements our successful Whole Foods Market brand.”

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