Whole Foods’ CEO: We Just Aren’t That $pecial Anymore
From Business Insider:
Whole Foods shares are getting destroyed this morning.
The stock is off 16% after earnings yesterday showed weak same-store sales growth.
What’s holding back the company?
On the company’s conference call, CEO John Mackey explained. Organic food is now everywhere. Whole Foods just isn’t that special anymore.
Whole Foods opened a gorgeous, fun store here in Boulder about ten years ago. If I were rich, I’d do all my shopping there but I’m not and I don’t. I have two or three things I like to get there but otherwise I shop at King Soopers, a local chain akin to Safeway.
I take my husband to the YMCA twice a week for an exercise class. The Y is 100 feet from Whole so sometimes I wonder over there while I’m waiting for Dan’s class to end. I swear, there have been times when I’ve purchased maybe an energy drink and two pieces of cake and I’m out $20. It seems as if nothing there costs less than $7. (I saw a juice/energy drink there the other day for $11. $11 for a 16 oz. drink! (I kid you not.)
Is Whole Foods getting its comeuppance? The organic food chain Trader Joe’s opened a store here about a month ago. Given the hype (er, hysteria) surrounding that ahem, momentous event, I didn’t get it after I checked it out. But I will say I bought some frozen foods to try — taquitos, egg rolls and chicken burgers to have for quick lunches — and I actually walked out after paying $17. I’m guessing those three things, which fed us for six meals, would have run more like $30 at Whole Foods.
So, maybe Whole Foods will get down off its high horse now because again, they’re just not that special anymore.
Entry filed under: Food.