Whole Foods is your one stop shop for all things organic, edible, and expensive, but now it looks like they're trying to branch out to a new demographic: Coming soon Whole Foods will launch a cheaper line of stores in order to cater to Millennials. I guess they figured out that we don't have any money due to that whole recession thing. Thanks, I guess?
The new stores don't have a name yet, and there's no telling how many of them there will be, but Whole Foods did note that they're gearing them specifically towards Millennials. According to a statement from Co-Chief Executive Officer of Whole Foods Market Walter Robb, the new stores "will feature a modern, streamlined design, innovative technology, and a curated selection. [They] will deliver a convenient, transparent, and values-oriented experience geared toward Millennial shoppers, while appealing to anyone looking for high-quality fresh food at great prices."
Basically, it seems Whole Foods has figured out that Millennials are generally in favor of stuff like organic produce and taking care of the planet and all the other things the market boasts; we just don't have the money to afford to shop there. Previous research has shown that Millennials tend to be cautious about money — which isn't surprising. We're all saddled with more student loan debt than any generation in history at a time when incomes are still falling in America, making it unsurprising that most Millennials have accumulated less wealth and experience more financial uncertainty than out parents.
So when it comes to spending our hard-earned cash, Millennials are careful. We compare prices online, we weigh our options, and we don't make impulse purchases. Which makes it hard for a store like Whole Foods, famous for being expensive, to attract us as customers.
While Whole Foods has tried other ways to make themselves more appealing to us young whippersnappers by including things like social media flash sales, so far, they haven't won over the selfie generation. So will the new, more affordable Whole Foods stores be able to attract Millennials away from other bargain favorites like Trader Joe's? Only time will tell. After all, right not the new chain of stores doesn't even have a name, but apparently they will be debuting sometime in 2016. The market says we can expect to hear more details about the new venture "before Labor Day."
We'll see how it goes.