Whole Foods Market has revealed the name for its forthcoming new chain of stores it announced last month. The new chain is reportedly going to feature lower prices than most of what it sells in its current Whole Foods locations.
The new stores will be named “365 by Whole Foods Market,” Co-CEO Walter Robb told The Associated Press. The name comes from the company’s private label store brand of products “365 Everyday Value.”
According to Robb, 365 products will be the main store brand items, but like Trader Joe’s, it will also feature other top-selling brand items in the stores.
There has been much speculation about the spinoff store name, which was also cleverly spoofed in a recent clip on the Ellen show. “Since announcing plans for the chain in May, recent trademark filings by Whole Foods Markets Inc. had prompted a guessing game that the stores might bear names like Clever Egg, DailyShop, Greenlife, Small Batch or Swiftgoods,” reports the Washington Times.
“Those were all decoys,” Robb said in an interview, adding that “365 by Whole Foods Market” could also be another decoy.
The new chain will target younger shoppers who care about their food choices, but may be limited financially. Whole Foods Market has earned the nickname “Whole Paycheck” for its expensive offerings. But the chain insists healthy and inexpensive options can be found in its stores, particularly among its house brand items (365 Everyday Value).
“Whole Foods says it plans to open between five and 10 of the 365 stores around the country next year, and that it sees potential for the chain to eventually have as big a footprint as its namesake chain,” reports the Times.
In an earnings conference call in May, co-CEO John Mackey had described it as a “streamlined, hip, cool technology oriented store, unlike any store anybody has ever seen before.”
The new Whole Food stores, whatever they’re being called, are expected to begin opening next year in select locations.
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