This past Saturday's New York Times had an intriguing article on how Whole Foods is trying to overcome its nickname, Whole Paycheck. Considering the high food prices sweeping the entire nation, this attempt is crucial for the company's survival. Since its financial peak in 2006, Whole Foods' stock has dropped more than 70 percent. The market for organic foods and specialty foods is in trouble.
A report from TNS Retail Forward produced a survey last month that shows that 20 percent of shoppers have altered where they purchase groceries because of the economy. To make matters worse for Whole Foods, market researching firms, like the Hartman Group, say that consumers are less interested in organic foods.
In this current economic environment, what is Whole Foods doing to change its image as an overpriced grocery store?
- Offering more discounts
- Increasing lower-priced store brands
- Advertising products they sell at a good value
- Organizing budget-focused store tours