What happens when you combine the most iconic natural food seller with the largest online retailer in the world? More growth, is the hope.
To say the June 16 announcement that Amazon announced that it will be acquiring Whole Foods, the iconic purveyor of organic wares and interesting beverages, to the tune of $13.7 billion sent shock waves through the retail sector would be an understatement. Whole Foods has been struggling as of late: Amid competition from companies like Target and WalMart, both of which have been ramping up their sales of organic and natural products, Whole Foods has posted seven consecutive quarters of tumbling sales and in May, swapped out five of its dozen board members (one of whom, full disclosure, is Fast Company owner Joe Mansueto) in an effort to inject new energy into the company. By selling to Amazon, they’re throwing a Hail Mary.