MANHATTAN, NY - A new pricing report by Bloomberg Intelligence reveals that Whole Foods has been successful at repositioning itself as a bargain retail option to increasingly budget-conscious New York shoppers.
The Manhattan-based study examined a basket comprised of 97 different retail items and compared what this hypothetical basket would cost at different grocery locations. Here were the results:
- $391.39 at Whole Foods
- $398.44 from Fresh Direct
- $458.84 at Gristedes
- $347.10 at Fairway Market
According to the report, Food Emporium and D’Agostino were also more expensive than Whole Foods in New York City.
Some might find this surprising, considering Whole Food's reputation as a luxury grocer, but the results of this survey are the result of a deliberate marketing shift on the part of the retailer as it repositions itself in an increasingly competitive market.
Whole Foods has been working over the previous year to combat the perception that it's products are too expensive for the average shopper. According to Bloomberg, it has been lowering its prices, especially on produce, to compete with other retailers expanding into the organics market.
In addition to these pricing cuts, Whole Foods has announced that it will be launching its first ever national marketing campaign this fall. For more on that story check out ANUK's previous article here.
Whole Foods has grown to its current size thanks to excellent marketing, product quality and leadership. It is now counting on these same qualities to carry it successfully into the next stage of the retail game, and based on the results of this pricing survey, it seems to be doing that quite well so far.
