Franchising, retail, business
26/10/2015
We look at the retailer’s ‘Friends of 365’ initiative to discover business partners for its forthcoming smaller format concept.
Seeking operators with shared values
Ahead of the launch of its new smaller format, ‘365 by Whole Foods Market’, the retailer has launched a new initiative to discover business partners for the concept. Whole Foods Market is seeking applications from innovative businesses to take space within the 365 stores. While companies looking to be part of the program do not have to be food businesses, they must be aligned with the missions and values and quality standards of Whole Foods Market.
Foodservice, retail and service providers encouraged to be part of the program
A range of business types are encouraged to apply, including fast-casual food service, related retail businesses and street services such as bike shops, barbers and fitness companies. Organisations are required to submit a short video introducing their restaurant, retail or service concept in unique way. In early November the applications will be submitted to a public vote to help narrow down the submissions, with up to 20 businesses invited to present their pitch at Whole Foods Market’s HQ before the end of January 2016.
Unique approach in developing an innovative concept
In announcing its intention to launch ‘365 by Whole Foods Market’ earlier this year, the retailer stated the new store format would offer a curated range of its products at value prices. A smaller store concept, it is expected to operate with a lower cost structure and lower prices than a traditional Whole Foods Market.
Through launching its ‘Friends of 365’ program, the retailer is ensuring that the offer will be unique, with significant points of difference versus competitors in the smaller format segment such as Trader Joe’s. While public input has been a tried and tested approach for product development, this is one of the first times that the public will have an opportunity to influence broader concept development.
Ahead of the new format launch, we look at the success factors behind Whole Foods Market’s core format, and what you can learn from this innovative retailer. Click here to view our insight deck.
By:http://retailanalysis.igd.com/Hub.aspx?id=23&tid=3&nid=14498
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