Whole Foods Market Reduces Its Store Size
Whole Foods Market has a new strategy: Instead of the 50K to 70K sf stores it was building five years ago, the natural and organic foods retailer is opening stores around 38K sf in size, according to Seeking Alpha. The new stores carry a smaller selection of each type of product and they eliminate dine-in capacity and other secondary services.
Whole Foods opened six new stores under the revised strategy (averaging 38K sf). These stores produced 29 percent higher sales per square foot ($776/sf) compared with the previous year’s new openings. The smaller stores also benefit from lower rents, net expenses and build-out costs. Such savings lead to lower food prices which make Whole Foods competitive even with conventional supermarkets. A Wells Fargo study (noted in the article) shows that Whole Foods Market beat Safeway prices by seven percent (on a basket of 100 items) and it beat Amazon Fresh by 27 percent.
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U.S. retail sales of natural and organic foods is expected to exceed $78 billion by 2015 – up from $39 billion in 2010. Whole Foods’ Market revenue for YE 2010 was $10.1 billion (approximately 26 percent of the natural and organic foods market). They have 316 stores in the U.S. and seven in Canada. Under the revised strategy, they intend to build 1,000 more stores.
Last Updated on November 15, 2012 by Ramin Seddiq