Amazon’s boss Jeff Bezos wants to lose the “whole paycheck” moniker for Whole Foods.
Bezos came out on Thursday saying now that the federal government has approved the $13.7 billion deal to buy the upscale grocery chain, he would slash prices beginning Monday.
On the news many other grocery chains stock fell more than 8% on the premise that Amazon would do to supermarkets what it has done to retailer stores.
Amazon’s long-term business plan of building customer loyalty over short-term profits will probably throw the entire grocery store industry into a tailspin as Whole Foods slashes pricing at the expense of margins.
Bezos will put profits on the self for market share, just like it did with book selling in the beginning.
Bezos also pointed out that the estimated 60 million Amazon Prime customers will get additional savings and online shopping options through Whole Foods. Amazon will put lockers in the chain where customers can pick up their orders.
Bezos will certainly get the “organic” growth for Amazon by beating down the “whole paycheck” image.