Whole Foods Market, Inc. (NASDAQ:WFM) is lowering prices as spearheaded by co-Chief Executive Officer John Mackey, a report from Betty Liu on Bloomberg’s “In The Loop” reveals.
The move from the top executive of Whole Foods Market, Inc. (NASDAQ:WFM) comes as the company is trying to get rid of an old negative perception by consumers, Liu noted.
“Moving and shaking this hour is Whole Foods co-CEO John Mackey. He is trying to get rid of the grocery chain’s high price, ‘whole paycheck’ image so he has been lowering prices especially on produce,” Liu said.
The result of this move by the Whole Foods Market, Inc. (NASDAQ:WFM) co-CEO is indeed a lower price in New York on a basket of grocery items from the grocery chain operator compared to other stores, Liu reported. Traditionally, merchandise from Whole Foods Market, Inc. stores have been higher than those of competitors.
Liu noted that a basket of 97 items in New York cost less at Whole Foods Market, Inc. (NASDAQ:WFM) stores than at stores operated by Gristede’s Foods, Inc. She added that the chain also offered lower prices than two other grocery stores and that it beat the delivery service operated by Fresh Direct Holdings, LLC in terms of prices.
However, the Bloomberg host noted that the cheaper price of merchandise at Whole Foods Market, Inc. has led to the company lowering its sales forecast in July. Liu noted that the share price of the company has fallen 32% so far this year.
Whole Foods Market, Inc. (NASDAQ:WFM) investors includes Jim Simons’ Renaissance Technologies. The hedge fund reported about 2.83 million shares in the retailer by the end of the second quarter of this year.