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Whole Foods to Undergo Unprecedented Downsizing
"Whole Foods Market Inc., facing its worst sales slump in more than a decade, is taking a step that would have been unthinkable in its highflying days: shrinking the size of the chain," reports Craig Giammona.
Long the subject of gentrification fears and concerns about the expense of its products, Whole Foods now joins the ranks of retailers dealing with bad fiscal news and reducing the footprint of their operations in 2017. According to Giammona, the explanation for Whole Foods' struggles can be traced to "competition from mainstream supermarkets, including Kroger Co. and Wal-Mart Stores Inc., which began offering more organic fare in recent years."
If you need a musical interlude to lift your spirits after receiving such distressing organic-food-related news, here's a reminder about "It's Getting Real in the Whole Foods Parking Lot," a song and video that picked up a large amount of viral success back in 2011.