According to The Wall Street Journal, Amazon plans to launch a new grocery store brand with lower price points than Whole Foods. Amazon bought Whole Foods back in 2017 and as most everyone knows, Whole Foods is typically known as the high-end, upscale (higher priced) produce and grocery store. Amazon hopes to provide products at a more affordable price point with these new stores, which are not meant to compete with their Whole Foods brand.
The plan is to open dozens of stores in shopping centers located in places such as San Francisco, Chicago, Philadelphia, Seattle and Washington D.C. The first store to open is planned for Los Angeles, reportedly before the end of 2019.
Walmart, Kroger, Costco, Target, BJs and Sprouts stocks have dipped since the Amazon news this morning, as reported on CNBC. See video below: