Whole Foods (WFM) plans a new, lower cost chain of grocery stores. Company CEO John Mackey says they will open a sister chain of smaller stores aimed at younger shoppers. The target consumer are millennials who want healthy, ethically grown food but are also cost conscious. Mackey says the new chain will cost less to run and be tech-oriented. He gave no details on the name of the stores or locations, but says more information will be released by Labor Day. Wall Street worried the move would steal sales from Whole Foods Stores or send profit margins down a slippery slope. Whole Foods profits rose 11% in the latest quarter but 10% sales growth was less than expected.
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