Whole Foods to Shrink Store Count for First Time Since 2008
- Organic chain also cuts forecast for the year as sales slide
- Company is still struggling to shed its high-priced image
A Whole Foods Market Inc. store in Tennessee on April 30, 2016.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
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.
Though Whole Foods plans to open six stores during the current quarter, including two relocations, the company said Wednesday that it’s shutting down nine. That kind of retrenchment hasn’t happened since the last recession was underway in 2008. The company, which about 440 U.S. stores, also said it was abandoning its ambitious growth target and no longer plans to reach 1,200 locations as it tries to get expenses under control.