Whole Foods Lower-cost Stores To Be Named '365 By Whole Foods Market'

Whole Foods Market Inc. said Thursday its planned network of lower-cost stores will be named "365 by Whole Foods Market" after the retailer's in-store brand 365, and will begin opening in 2016. The company first revealed the plan for the new stores in early May, touting them as a way to tap the millennial market with cheaper fresh and organic foods. The new store concept will be headed by Jeff Turnas, a 20-year veteran of the company who will be based at company headquarters in Austin, Texas. Turnas was most recently head of the U.K. business. Shares rose 0.8% in early trade, but are down 18.5% in the year so far, while the S&P 500 has gained 2.4%.