TEXAS, United States — Whole Foods’ affordable store concept ‘365’ is set to open in Brooklyn, New York, as the organic grocer accelerates its move into the low-cost market.
The new store, which is yet to be given an opening date, comes after a lull in the company’s plans to roll out the initiative across the US.
Speaking about the forthcoming opening, Christina Minardi, president of Whole Foods Market Northeast Region commented: “We opened our first Whole Foods Market store in the city in 2001, and our first Brooklyn store opened in 2013. Now we can’t wait to introduce our new store concept to Brooklynites.”
Originally announced in 2015, so far only 3 ‘365’ stores have launched. However, according to Whole Foods Market, a further 23 store leases are in development with the next set to open in April, in Texas.
Offering convenience and low prices on natural and organic products, the 3 existing 356 stores comprise of a modern, streamlined design with innovative technology and a carefully curated product mix. Providing shoppers with added convenience, the stores also offer online ordering and delivery services through Instacart.
Launched in a bid to extend its offerings to a broader audience, according to Wells Fargo analyst Zachary Fadem, the 365 concept is “an opportunity that preserves Whole Foods’ long-term addressable market.”
As competitors such as Amazon, which recently launched new grocery concept Amazon Go, ramping up their efforts to attract the next generation of ‘grab-and-go’ shoppers, the pressure to launch game-changing grocery concepts is rising. For Whole Foods Market in particular, the ‘360’ concept is an avenue well worth exploring in light of the company’s recent decline in sales.
In rethinking its long term strategy, to include more accessible and affordable options, Whole Foods Market hopes to reverse its fortunes. “Food shopping is evolving around convenience and price,” Jeff Turnas, president of the Whole Foods offshoot told Business Insider earlier this year.
“There are a lot more options for people these days — whether it’s groceries or restaurants or convenience stores — and 365 is our way of evolving,” he added.
Keen to disassociate the 356 concept from the stigma attached to Whole Foods’ high pricing, as with all of the existing 365 locations, the New York store will target lower-income neighborhoods with a younger demographic.