Online retail giant Amazon, has officially bought out the notoriously overpriced grocery chain, Whole Foods for $13.7 Billion. The buyout received the green light yesterday with the deal set to close on Monday. Amazon said in a PR statement that it will immediately drop the outrageous prices, and Amazon Prime members will become the store’s rewards program.
John Mackey will remain the CEO of Whole Foods, and assures consumers the merger is nothing but a win. “By working together with Amazon and integrating in several key areas, we can lower prices and double down on that mission and reach more people with Whole Foods Market’s high-quality, natural and organic food,” Mackey wrote.
While the ‘bigger picture’ is not clear yet, one thing is for certain – customer’s will know they’re buying from Amazon the moment they walk through the doors. Amazon Prime Membership will function as a rewards program for exclusive deals and in-store benefits. It’s said, all locations will receive Amazon Lockers for customers to pick up or return items ordered online. Along with allow Amazon.com customers to purchase Whole Foods private label brands through the website, AmazonFresh, Prime Pantry and Prime Now services.
Jeff Bezos, CEO of Amazon hopes the new lower prices at Whole Foods combined with Amazon’s already discounted Prime memberships will create a more accessible market for a larger demographic.