Whole Foods helped to make organic foods wildly popular with American consumers today, especially millennials. For many years it was a retail juggernaut selling products and a store experience unmatched across the U.S.
Not anymore. Whole Foods recently announced its sixth consecutive quarter of falling same store sales and plans to close nine stores. This is all happening after a mere 16 months ago predicting it would grow its 470 U.S. locations to more than 1200.
How is Whole Foods reacting? By lowering prices to compete with stores like Kroger and Costco — IMNSHO, a suicidal move.
How did Whole Foods get in this position? Get Steve’s perspective in this week’s Uncopyable Rambling.
Get Steve’s new book, UNCOPYABLE: How to Create An Unfair Advantage Over Your Competition.
So what should Whole Foods be doing, specifically, now that competition has come in to undercut their pricing model?
Great example. So we understand the issue that Whole Foods is faced with and that lowering prices will only worsen their position. So, what might they do? Would you have any potential avenues they could pursue, or any examples?
Dino, Stas, and the others who have emailed me —
Tell you what…I’ll share my thoughts on what I think Whole Foods should do in next week’s video! Thanks for asking.