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Whole Foods is copying Wal-Mart's strategy
(Associated Press)
Whole Foods is adopting a strategy similar to Wal-Mart's — offering healthcare and other services and focusing on low prices.
The retailer just opened a 45,000 square foot store near Dayton, Ohio, which includes a personal trainer on staff.
In an interview with Bloomberg last year, co-CEO John Mackey said he was thinking about offering in-store medical clinics, nutritional boot camps, cooking classes, and exercise clinics.
Offering an array of services beyond groceries could help differentiate Whole Foods from competitors like Trader Joe's and make its stores a destination.
Wal-Mart's Supercenters offer services like optometry, hair care, banking, and auto repair. The world's largest retailer has said it has a renewed focus on offering the lowest prices.
(REUTERS/Rick Wilking)
Whole Foods is also opening a lower-priced grocery store chain focusing on millennials.
As sales of organic food boom, consumers have figured out that they can buy it for cheaper at Whole Foods' competitors.
A bag of quinoa is $9.99 at Whole Foods, but $4.99 at Trader Joe's. Meanwhile, gluten-free cheese pizza is $7.49 at Whole Foods versus $4.99 at Trader Joe's, according to dcist.com. Consumers view Trader Joe's as high quality but inexpensive.
Meanwhile, Whole Foods is seen as being too expensive. The grocery chain responded by lowering some prices; however, JPMorgan analysts say the company isn't doing enough to market bargains.
This means customers most likely don't realize that Whole Foods is getting cheaper.
Competitors like Trader Joe's, Aldi, and Kroger are able to offer cheaper prices by selling private labels instead of brand names.
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