AUSTIN, Texas – Whole Foods Market Inc. has revealed the name of its new streamlined, value-focused brand: 365 by Whole Foods Market.
Beating his own deadline, Whole Foods co-CEO Walter Robb announced the concept in May and promised to put a name to it by Labor Day.
Slated to begin opening in 2016, the new stores will offer convenience and everyday low prices on natural and organic products that meet the company’s quality standards.
The company did not offer any details on the average square footage of the new stores, other than to say they would have a “smaller footprint” than Whole Foods.
Jeff Turnas, a 20-year Whole Foods veteran, will serve as president of 365 by Whole Foods Market and will be based at the company’s headquarters in Austin, Texas.
Turnas has held various leadership positions on both the product and operations fronts, including president of the company’s North Atlantic region, and most recently as president of its U.K. region.
“We are excited to introduce 365 by Whole Foods Market to bring healthy foods to even more communities with a fresh, quality-meets-value shopping experience that’s fun and convenient,” Turnas said. “A modern, streamlined design with innovative technology and a carefully curated product mix will offer an efficient and rewarding way to grocery shop.”
He continued, “For the past 37 years, we have built our company by leading with high quality standards and continuous innovation. We are now excited for the next evolution to extend our offerings to a broader audience in a way that complements our successful Whole Foods Market brand.”
Turnas has overall responsibility for launching the streamlined, quality-meets-value store concept.
The new format is intended to appeal to younger shoppers who are attracted to Whole Foods' social and ethical ethos, but are challenged by the prices of the high-end food, Neil Saunders, CEO of retail consultancy Conlumino, recently told USA Today.
The 365 name is also a nod to the chain's house brand, said an Associated Press report. While 365 products will anchor the stores, the chain will also have other items, including national brands, Robb told the newspaper.
Recent trademark filings had prompted a guessing game that the stores might bear names like Clever Egg, DailyShop, Greenlife, Small Batch or Swiftgoods. "Those were all decoys," Robb said before adding that his claim could also be a decoy to divert people about other plans.
Click here to view the 365 website.
Founded in 1978 in Austin, Texas, Whole Foods Market is a leading retailer of natural and organic foods. In fiscal year 2014, the Company had sales of approximately $14 billion and currently has 421 stores in the United States, Canada and the United Kingdom.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.