High-end grocer Whole Foods Market, known for its organic and at times pricey food offerings, will slash its prices next week.
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Amazon’s $13.7B acquisition of Whole Foods is expected to close Monday, the e-commerce behemoth announced in a release. Once the transaction is finalized, Whole Foods will lower prices to be more affordable for shoppers. The grocer will cut prices on some of its best-selling products, and Amazon Prime members will benefit from special savings throughout the store.
“We’re determined to make healthy and organic food affordable for everyone. Everybody should be able to eat Whole Foods Market quality — we will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards,” Amazon Worldwide Consumer CEO Jeff Wilke said in a statement.
The announcement caused another stir in the stock market, sending shares of The Kroger Co. down nearly 2.4%, Sprouts Farmers Inc. down 2.5% and Wal-Mart Stores Inc. down 0.8%, Bloomberg reports.
Amazon also plans to use Whole Foods' physical footprint as distribution pickup locations for its online shoppers by installing lockers at stores. Whole Foods has about 450 stores in its portfolio, and this deal gives Amazon access to all of them and control of the grocer’s distribution network — complete with store backrooms and cold storage.
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