Whole Foods Stores Not Doing Well

A Whole Foods store opened here in Portland, Maine last year.  It was the darling of the health conscious, natural and organic crowd.  When I first went into the store, I was amazed by the huge selection, varied products, eye-catching displays and helpful staff.

I was also amazed at the prices.

Well, with the poor economy, it looks like lots of folks just can’t afford what Whole Foods is offering.  Whole Foods just reported that their net income fell by 31% for the quarter and that they’re cutting back on planned store openings and suspending their quarterly dividend to shareholders.

This news shouldn’t be a surprise.  It’s no different than folks not having the extra cash to buy $4.00 or $5.00 coffee concoctions at Starbucks.

Lots of folks are having a hard time buying groceries at any price — let alone the high prices at Whole Foods.

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