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TORONTO - U.S. organic and natural foods grocer Whole Foods Market has picked Toronto for its first foreign store and is considering opening another in Vancouver, British Columbia, Reuters reports.
The Austin, Texas-based retailer earns an annual revenue of about $2.3 billion from its nearly 130 stores in the U.S., according to Reuters. It decided to enter Canada because of the country's growth in sales of organic foods.
"The logic behind Canada is that there is a trend here that people are concerned about health and wellness and a growing interest in issues like that," Camille Krupa, Whole Foods' marketing director in Canada, told Reuters.
She said a recent study by the Canadian government showed that sales of organic foods have grown 15 percent in the past few years, much higher than any other food category.
Whole Foods' 40,000-square-foot store will open on May 1 in downtown Toronto's upscale Yorkville district.
Whole Foods, started in 1980, estimates the value of the U.S. and Canadian organic food market at $10 billion annually, according to Reuters.