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Whole Foods is offering deeper discounts, adding lower-priced store brands to its mix, and highlighting value in its advertising in an effort to continue luring shoppers in spite of tough economic times. Customers are even receiving invitations to take budget-focused store tours, according to a published report.
It may be difficult to convince some customers that Whole Foods offers low prices when the grocer's nickname is "Whole Paycheck," according to The New York Times. Walter Robb, Whole Foods' co-president, knows that the company is fighting consumer perceptions about prices, and admitted that some of the perception is deserved. He pointed out, however, that Whole Foods has made a strong effort to challenge competitors on price.
"I'm getting a little tired of that tag around our neck," said Robb, referring to the nickname. "We are a lot more competitive than people give us credit for. We challenge anyone on like items."
In Whole Foods' last earning report, executives said it wasn't clear how the weak economy was affecting sales. The company will report earnings for the most recent quarter today.