Thanksgiving is providing Whole Foods Market with another chance to shed its 'Whole Paycheck' reputation.
A basket of 23 goods, including organic turkey, chicken stock and fresh green beans, was $104.91 at Whole Foods, 0.3 per cent cheaper than last year, according to a Bloomberg Intelligence study.
The items were less expensive than the $111.94 they cost at Fresh Market, and a bit more than the $103.95 at Trader Joe’s, which is known for low prices.
“Whole Foods has been really focusing on trying to present a better-value message,” said Jennifer Bartashus, a Bloomberg Intelligence analyst in Skillman, New Jersey, who led the study. “It is a bit of a surprise that Trader Joe’s costs as much as Whole Foods.”
Whole Foods has recently focused on cutting prices for its fresh produce to draw bargain-seekers away from mass retailers and warehouse stores. Earlier this month, the natural-goods grocer reported a quarterly profit that topped analysts’ estimates, as revenue gained 9.4 per cent.
“Our value focus is on perishables, where we see opportunities to broaden our selection of products at entry-level price points, increase promotions and narrow price gaps,” co-CEO John Mackey said on a conference call at the time.
Fresh Market, which went public in 2010, is advertising turkey, cocktail shrimp and honey ham on its website. The Greensboro, North Carolina-based company has more than 160 locations, while Whole Foods has about 400 and Trader Joe’s said that it reached 400 stores last year.
Bloomberg News, edited by ESM
