Whole Foods Market Will Slash Prices Monday as Amazon Acquisition Finalizes

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"Whole Foods Market will offer lower prices starting Monday on a selection of best-selling grocery staples across its stores, with more to come".

Amazon will also be extending its Amazon Prime program, making its 60 million members eligible for rewards and discounts at Whole Foods Markets.

Other foods that will be cheaper beginning next week: Bananas, eggs, ground beef, rotisserie chicken, butter and apples.

The price slashing will happen incrementally, according to The Washington Post. The store has been cheekily called "Whole Paycheck", due to how much money one can spend on a week's worth of groceries there. "Amazon is known for value, so what we're going to see is prices going down", supermarket analyst Phil Lemperttold CBS.

As the move comes into effect, analystsare suggesting that price wise, Walmart will be Amazon's biggest competitor. "Obviously the low-priced approach is in Amazon's DNA, and it's something Whole Foods has been struggling with for a quite some time".

That is roughly in line with the results of a 2016 study by Wedbush Securities, in which analysts calculated at 15 percent the premium shoppers paid at Whole Foods compared to a market basket of comparable groceries at major chains like Wegman's.

That means that customers with Prime membership should expect even lower prices at Whole Foods stores, as well as other in-store benefits.Amazon customers will also be able to buy Whole Foods' brands via the Amazon website and through its grocery delivery services.

Amazon will be offering Amazon Lockers in select Whole Foods Market stores.

"Amazon is more focused on driving volume and improving service at the expense of profit margins", said Mr. Sebastian. "That's a competitive advantage". Whole Foods, which started in Austin, Texas in 1980, operates 468 stores in North America and the United Kingdom.

The Federal Trade Commission gave its go-ahead for the $13.7 billion acquisition in a statement on Wednesday, saying that the deal doesn't break antitrust laws created to prevent a company from gaining too much market power. "Amazon is wasting no time in making the most of its newest division". More than 70 percent of Whole Foods' main customers are members of Amazon Prime. These, of course, are in addition to all the privileges they're already getting from Amazon such as Free Two-Day Shipping, instant access to video streaming, ad-free music streaming, and unlimited Prime readings. "We can't wait to start showing customers what's possible when Whole Foods Market and Amazon innovate together". The six largest food retailers, which had already taken a hit after the Whole Foods acquisition was announced in June, lost roughly $12 billion in value after Thursday's announcement about the company's intention to lower prices.

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