Whole Foods CEO Jason Buechel told Yahoo Finance Thursday that the grocer is cutting store prices to compete with other major supermarket chains that are looking to appeal to more shoppers affected by rising food costs.
“We’ve been doing so much work on trying to bring down our prices,” Buechel said during a conversation with Yahoo Finance Executive Editor Brian Sozzi for Yahoo Finance's Opening Bid podcast. The multinational grocery store — which infamously snagged the nickname “whole paycheck” due to its pricey food items — reportedly reduced prices on 25% of its items, including 880 products under its private label 365.
“Customers are noticing those changes,” Buechel said. “We’re starting to see folks build up bigger baskets in those areas.”
Elsewhere in the podcast, Buechel said, “We want to make sure that we can meet customers where they’re at right now,” adding that consumers “have felt that pinch on inflation across the board, not just in food prices, but in their bills and everything else.”
Whole Foods’ recent efforts to reduce food prices come amid growing competition among major supermarket and retail chains that are offering more deals to attract more consumers. Back in May, Target announced in a press release that “it will lower everyday regular prices on approximately 5,000 frequently shopped items across its assortment.” The retailer previously reduced prices on approximately 1,500 items and sait planned to make thousands more price cuts over the course of the summer.
As for Whole Foods, the grocer will cut prices while still offering the same high-quality and healthy foods. “At the same time, we’re helping protect our food systems; we’re also providing healthier food,” Buechel said. “We want to be in a place where we can offer the highest quality natural and organic foods at great prices.”
