During a Q2 report for 2015, Whole Foods (NASDAQ:WFM) announced a new store concept geared toward millennial shoppers. With a record-breaking quarterly sales increase of 10 percent to $3.6 billion, and comparable store sales up 3.6 percent, Whole Foods Co-founder and Co-CEO John Mackey announced that the grocery retailer stands to triple its number of stores in the United States.
"We also see an opportunity to leverage our long history of retail innovation and extend our reach in the marketplace," Mackey said.
The company announced a uniquely branded store concept that Whole Foods Co-CEO Walter Robb said was "unlike anything that currently exists in the marketplace."
"Offering our industry-leading standards at value prices, this new format will feature a modern, streamlined design, innovative technology and curated selection," Robb said.
The new Whole Foods concept will push a value-oriented experience intended to exemplify convenience and transparency. The retailer plans to accomplish this task by building a new team dedicated to the concept.
In the midst of negotiating leases, Whole Foods plans to begin opening new concept stores next year and expand rapidly from there. The company said more details will be released sometime before Labor Day.
Thus far in fiscal 2015, Whole Foods' total sales have increased 10 percent to $8.3 billion. There are 417 stores in operation and the company expects to reach 500 by 2017. The company 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 operates from a classic trolley car and recently launched in three neighborhoods in the Portland area.
-See this Whole Foods press release
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