Amazon cuts Whole Foods prices
Amazon’s recent acquisition of Whole Foods was a gutsy move for the e-commerce site. On Monday morning after prices at Whole Foods stores were cut as much as 43%. For example, on a East 57th Street Whole Foods market in Manhattan, New York, organic apples went from $3.49 a pound to $1.99 a pound; organic cooked chicken jumped down from $13.99 a pound to $9.99 a pound, and bananas were cut from 79 cents to 49 cents a pound. Senior vice president at the Food Marketing Institute said “Amazon has demonstrated that it is willing to invest to dominate the categories that it decides to compete in.” Amazon’s stock went up to 957.34 points (↑0.51%) after the announcement.