Whole Foods has been talking about its new, smaller format since May, and rumors have been swirling about what they will call the chain. It was reported today that Co-CEO Walter Robb told the Associated Press the name will be "365 by Whole Foods Market," which reflects the name of their house brand, "365 Everyday Value."
According to Robb, the house brand may dominate the shelves, but they will also carry other items, including national brands. He explained that the new format is inspired by younger generations and intended to appeal to those who want a quick, convenient way to shop.
Jeff Turnas, newly appointed president of the 365 chain, said he envisions customers visiting the 365 stores during the week when they want a quick shopping experience, and going to Whole Foods when they have time for bigger shopping trips.
Whole Foods plans to open five to 10 of the 365 stores around the country next year. Ultimately they believe the store count will match Whole Foods', which currently has more than 400 locations.