Whole Foods '365' Stores Won't Cost Whole Paycheck

(RTTNews) - Organic grocer Whole Foods Market, Inc. (WFM) said Thursday that its new chain of smaller and cheaper grocery stores will be called "365 by Whole Foods Market".

The new stores, slated to open next year, will offer convenience and everyday low prices on natural and organic products.

Jeff Turnas, a 20-year Whole Foods Market veteran, will serve as president of 365 by Whole Foods Market and will be based at the company's headquarters in Austin, Texas.

"We are excited to introduce 365 by Whole Foods Market to bring healthy foods to even more communities with a fresh, quality-meets-value shopping experience that's fun and convenient," Turnas said. "A modern, streamlined design with innovative technology and a carefully curated product mix will offer an efficient and rewarding way to grocery shop."

The company last month announced plan to open the new chain to target young customers.

Whole Foods Market, which currently operates more than 420 stores in the United States, Canada and the United Kingdom, had sales of more than $14 billion in fiscal year 2014. The company is facing stiff competition from mainstream grocery retailers like Wal-Mart Stores Inc. (WMT) and Kroger Co. (KR), which have recently increased their offerings of natural and organic foods.

Whole Foods Market shares are currently trading at $40.70, down 3 cents.