By Hadley Malcolm | USA TODAY
Whole Foods (WFM) is trying to change its reputation as a grocery with fresh food at high prices by opening a separate chain of lower-priced stores aimed at Millennials.
The new stores will cater to a younger generation of shoppers who are still interested in organic and natural foods but want a different shopping experience, executives said.
The company made the announcement Wednesday as part of its second-quarter earnings release. Whole Foods shares fell after the earnings announcement missed analyst expectations and continued to trend down Thursday, slumping nearly 10% to $43.07.
Whole Foods, known for its organic, natural food selection, clean stores and large displays of bright, fresh produce, has been losing traction recently as organic and fresh foods have become more popular at mainstream grocery chains.
