Austin-Based Whole Foods To Launch "Cheap" New Chain

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AUSTIN (CBSDFW.COM/AP) - Are you spending your whole paycheck at Whole Foods? You will soon have an inexpensive option.

Amid lower-than-expected numbers, the upscale Austin-based grocery chain is trouncing on an expansion plan. They won't reveal a name - or the number of stores involved - but they plan to launch a new, lower-cost chain of markets by the end of this year. Walter Robb, co-CEO of Whole Foods, said the stores will also appeal to younger customers with a "modern, streamlined design, innovative technology and a curated selection."

Details of the new chain are set to be released before Labor Day. Stores are set to open in 2016.

Market share in Whole Foods has recently been lost to retailers jumping on the organic and natural food bandwagon. That is pressuring the company to draw a sharper distinction between itself and competitors. Last year, for instance, it launched a program that ranks produce and flowers based on their environmental impact.

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