Whole Foods is planning to open a new chain of stores that courts millennials with lower prices as it faces intensifying competition as a purveyor of organic and natural products.
The company said Wednesday it's building a team to focus exclusively on the new concept and that it's already negotiating leases. Stores are expected to start opening next year, followed by a "fairly rapid expansion," it said.
Walter Robb, co-CEO of Whole Foods, said the stores will also appeal to younger customers with a "modern, streamlined design, innovative technology and a curated selection."
A name for the new chain wasn't disclosed; the Austin, Texas-based company said more details will be shared before Labor Day.
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