Finance

Starting next week, Amazon is lowering prices at Whole Foods

Starting next week, Amazon is lowering prices at Whole Foods

Amazon's $13.7 billion acquisition of the grocer will go through on Monday.

"We will lower prices without compromising Whole Foods Market's long-held commitment to the highest standards", he said.

According to the Telegraph, industry experts say that the deal will attract a broader range of customers to Whole Foods and threaten supermarket rivals.

Starting next week, a number of Whole Foods' best-selling grocery staples - including organic bananas, organic large brown eggs, responsibly farmed salmon, almond butter, organic rotisserie chicken, and more - will be less expensive.

The pending price reductions are the first of many changes in store for Austin, Texas-based Whole Foods, Amazon stated Thursday, to include the integration of Amazon Prime into checkout systems for members to receive extra savings; and applying its expertise in logistics to cut the cost of shipments and inventory at its stores and distribution centers.

The benefits of Amazon's backing stand to make shopping at Whole Foods more affordable and convenient, but consumers can also anticipate speedy delivery of groceries to be roped into the deal. "We will make Amazon Prime the customer rewards program at Whole Foods Market and continuously lower prices as we invent together". Co-founder John Mackey will remain as CEO. Amazon has offered its own internet grocery business, AmazonFresh, for a decade, but has had little impact on the habits of consumers, who overwhelmingly prefer buying their groceries in stores. The six largest food retailers, which had already taken a hit after the Whole Foods acquisition was announced in June, lost roughly $12 billion in value after Thursday's announcement about the company's intention to lower prices. Effectively, Amazon Prime has become a membership offering for Whole Foods, akin to a Sam's Club card-the obvious difference being that normal non-card-carrying customers can still shop at Whole Foods. Whole Foods sells prepared foods packaged under its in-house 365 Everyday Value brand, with the company expanding the 365 brand to a chain of smaller-format stores it is developing.

"Prime customers are very suggestable and leadable, extremely loyal and spend a lot more at Amazon than others", Levin says. The statement also outlined one big immediate change: lower prices.

"It's ultimately a nice land grab", said Bill Bishop of retail consultancy Brick Meets Click, and a way to get customers "thinking about buying healthy food from Amazon".

"We feel great about our position with our network of stores around the country and fast growing e-commerce and online grocery businesses, " said Randy Hargrove, a spokesman for Walmart. By taking aim at staple items, Whole Foods' store traffic and sales could see an uptick quickly.


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