Newspaper article The Christian Science Monitor

Lettuce and Tattoos? Whole Foods Revamps for Millennial Shoppers

Newspaper article The Christian Science Monitor

Lettuce and Tattoos? Whole Foods Revamps for Millennial Shoppers

Article excerpt

Tattoos and organic produce might not be an intuitive combination, but Whole Foods suggests it will help attract a bigger Millennial market.

Whole Foods is shifting direction in an attempt to revitalize their share of Millennial shoppers. The shift includes a new line of lower-priced grocery stores called 365 by Whole Foods Market.

The 365 chain of stores is designed for Millennials and budget shoppers. According to the website, it will feature heavier discounts, competitive prices, and a few innovative additions, like Whole Food "Friends," third-party businesses that operate in or nearby the 365 shops. The shift follows a year of fairly steady decline in stock prices for Whole Foods.

"This is the same company and same set of quality standards," Walter Robb, Co-CEO of Whole Foods told Bloomberg News in an on-air interview. "It's just a fresh new format that I think will allow us to take those standards into markets and communities perhaps that Whole Foods Markets never would have been able to go."

But why would Whole Foods single out the Millennial market? It's a big one.

"Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come," Goldman Sachs analysts wrote in their Millennial infographic.

The Millennial generation, defined as people born between 1980 and 2000 by Goldman Sachs, is one of the largest generations in history and the biggest in US history. With 92 million Millennials, the generation is even larger than the 77 million Baby Boomers. Attracting the large demographic could buoy sales in the long term, but currently, the demographic is still cash-strapped.

With lower employment rates and typically smaller incomes, many Millennials have less spending money than other generations, according to Goldman Sachs. …

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