Lower Prices Brought Whole Foods More Customers
When Amazon (NASDAQ: AMZN) took over Whole Foods in late August, it immediately began lowering prices on some items. That well-publicized move brought in new customers to the grocery chain, increasing foot traffic significantly, according to a new report from Thasos Group, but it's possible those gains may be short-lived.
On the positive side, foot traffic rose by 17% year-over-year at Whole Foods during the first week of the price reductions, according to research company Thasos. Not long after, however, for the week ending Sept. 16, foot traffic was actually down 4% year-over-year.
This indicates that lower prices can entice people to give Whole Foods a try. It also shows that if the Amazon-owned chain doesn't impress shoppers who normally patronize other stores, any gains will quickly fade.
Source: Fool.com
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