As the Milken Institute's Global Conference unfolds in California, Whole Foods CEO Jason Buechel joins Yahoo Finance's Executive Editor Brian Sozzi to delve into the company's growth plans, technological enhancements within the store, new product offerings, and more.
Buechel highlights the company's recent unveiling of its ten-year vision, 'Growing With Purpose,'" which was revealed in January. The initiative aims to reconnect the company with its core values. Buechel hopes it will boost customer engagement and expand the company's reach and impact, ultimately enabling the grocer to "nourish people on the planet, which is our higher purpose."
Recognizing the challenges posed by inflation, Buechel emphasizes that Whole Foods is actively working with suppliers "to minimize this impact." The company has also aimed to combat inflation for consumers by investing in its own private label to offer quality products at value-driven prices. However, Buechel acknowledges that Whole Foods is renowned for the quality and sourcing of its products and that the company aims to strike a balance by providing value while ensuring customers "can appreciate the work that goes into it at the same time."
On the expansion front, Buechel expresses pride, noting that the grocery retailer plans to open more than 30 new stores annually, with 75 currently in production. This expansion is driven by customer interest and the company's plans to test new storefront formats, including the Whole Foods Market Daily Shop concept.
Regarding technological advancements in stores, Buechel covers the implementation of Amazon's (AMZN) Dash Cart, a device that allows customers to pay for groceries as they shop, saving time. He emphasizes that the company's approach to technology implementation is driven by the desire to "simplify how we run our business" and create a more productive and seamless customer experience.
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This post was written by Angel Smith