Whole Foods’ promise to lower prices has yielded disappointing results.
Business Insider compared prices on 29 items at a Whole Foods store in Richmond, Virginia, to prices on those same items in November 2015.
The total basket today cost $147.77, just $2.26 less than the total cost in 2015.
Whole Foods said in late 2015 that it would start slashing prices after the chain notched its first quarterly drop in same-store sales in six years.
Over the last two years, the company has promised more promotions, as well as broader price cuts.
But little has changed since then. Whole Foods’ same-store sales have started falling even faster, and a price check from last year found it was still 15% more expensive than its competitors. Whole Foods’ same-store sales fell 1.9% in the most recent quarter, marking its eighth consecutive quarter of declines.
“Whole Foods has made some modest investments in price, but they are nowhere near enough to shift perceptions,”…