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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
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8-05-2008 @3:20PM Stephanie said... Our Whole Foods is trying to combat the image. At each entrance they have carts filled with food showing the prices for the same or equivalent food purchased at other local supermarkets (they use Safeway and Trader Joes). Of course in both cases the whole foods cart is cheaper.
I have found them to be a fair amount cheaper for many organic and "specialty" items, for example soy yogurt (Silk brand) costs much less at whole foods than it does at Safeway ($0.89 at WF vs $1.45 at Safeway). But, Whole Foods does not carry "cheap food", so if we did all our shopping there, our grocery bills would me much higher. I think the key is not that whole foods is ripping us off, just that they carry more expensive items (grass fed beef, organic produce, etc) that many people may decide they can just not afford any more.
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8-05-2008 @3:23PM rainey said... They're in a tough spot. It cuts into a profit margin to carry higher-quality lower-demand items and maintain the diversity of offerings they have. And they'll have to let some of that go if they want to stay competitive in hard economic times.
I'm sure fewer people will be doing the bulk of their shopping at WF but I hope we can always rely on them for specialty things. There's a glimmer, I think, since the very top of the economy continues to do very well indeed.
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8-05-2008 @3:36PM 8 Stock Portfolio said... In terms of the stock, it's now valued around the level of "normal" grocery stores. The nickname, I don't think will ever leave them. It's just too funny.
http://8stockportfolio.com
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8-05-2008 @4:11PM Michael Schmitt said... Whole Foods caters to the upscale organic purchaser that can afford to purchase specialty foods that Whole Foods carries. You definitely won't find any Whole Foods located in economically depressed areas of the Nation. Organic food categories continue to grow, and more people want a bit of the profits for that category, but as more people enter the organic food market, more competition means lower prices.
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8-05-2008 @4:48PM Ivan said... A large part of WF's problem is an image problem. Their prices on organic items, are extremely competitive with the likes of Safeway.
If we see a shift away from organic, WF has fundamental problems; however, if people continue to shift towards organic, then WF's problems are fixable with image/marketing/PR efforts because the substance is that for those goods, WF is not overpriced.
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8-05-2008 @5:05PM Lynne said... Whole Foods destroyed so many local natural food stores that were 'organic hubs' of their communities and now after years of overcharging the crazed credit card population the gravy isn't so thick for them. Greedy Greedy. Starbucks too. Hope they do fail and individual small business returns to our lives.
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8-05-2008 @5:07PM Astin said... I wander into Whole Foods from time to time, but there are so many more stores that provide cheaper organic, local, spray-free, etc, foods in Toronto that it just isn't worth it.
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8-05-2008 @5:46PM Big John said... I'll check in a few months. Until then, my local food coop is just next door and is worlds cheaper.
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8-05-2008 @6:15PM Noz said... LYNNE is spot on...they are the McDonalds of organic food stores...and since they have no real competition, they are charging ludicrous amounts of money for their items.
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8-05-2008 @7:54PM erin said... i love whole foods - but not for price reasons. their gluten free selection is far superior to anything i've seen. so i do my specialty shopping there (breads, flours, quinoa, pasta) - and my regular shopping at the regular stores (produce, meats, milk). i don't think they're effectively competing with the chains yet.
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8-06-2008 @1:56AM Bernie B said... There's a large segment of the workforce that can barely afford Mac n' Cheese, let alone delve into the costs of eating healthier. And that's before you figure in the cost of going organic.
The only people I know that shop at these stores are vegetarians and people that have to, like my cousin with Celiac Disease.
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8-06-2008 @7:01AM RJ said... I went to a Farmer's market this past weekend...and the prices were actually higher than Whole Foods prices!!! I love Whole Foods because their produce and meat are fantastic. Their 365 brand is great and decently priced, as well. Their sales are better priced then the other grocery stores around here but they can literally cost a whole paycheck, depending on whether you buy the items that are not on sale. If the Farmer's Marker prices continue to be higher than Whole Foods...I'll just shop at Whole Foods!
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8-06-2008 @9:16AM Jon said... Whole Foods is a gourmet grocery store. Why would they have low prices?
They aren't just a natural-foods store. Compare the offerings at Whole Foods to those at a small co-op. Co-ops don't generally carry dry-aged steaks, or $30/pound Alaskan salmon, or bizarre produce from around the world. But Whole Foods does. Yes, Whole Foods focuses on organic and natural products, which cost more than regular grocery store food. But the real high prices are on the specialty items which are just luxuries.
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