Whole Foods Market (NASDAQ:WFM) unveiled the name of its new, value-focused brand that will begin opening in 2016. "365 by Whole Foods Market" will offer lower pricing on natural and organic products, complete with a more streamlined and technology driven look.
Jeff Turnas will serve as the new brand's president. A 20-year veteran with the company, Turnas has worked in both products and operations including president of the company's North Atlantic region and most recently president of the U.K. 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 company has already launched a website for the upcoming stores, and the name piggybacks on the retailer's in-house brand, 365 Everyday. News of an upcoming store geared toward millennials was first released during a quarterly report last month.
The 25,000 sq. ft. model will carry many of the same Whole Foods products and may launch first in the Northwest region, Statesman reported. Although an average Whole Foods is 38,000 sq. ft., new, smaller formats include the 14,000 sq. ft. store in Prescott, Arizona, and a 18,000 sq. ft. space slated for Chicago.
Whole Foods opened a record 13 new stores in 2014 and expanded into seven new markets. Expansion is set to include a variety of storefronts, including My Street Grocery, the retailer's mobile format that recently launched in three neighborhoods in the Portland area.
-See this Stateman article
-See this Whole Foods press release
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