Amazon, known for its competitive prices, is trying to attract more low- and middle-income shoppers with its grocery push. Whole Foods has already been reducing prices to try to turn around its worst sales slump since going public in 1992. Drew Herdener, an Amazon spokesman, said “we have no plans” to use no-checkout technology in Whole Foods locations. That fits with Whole Foods private-label push to compete on price, and gives Amazon a bigger foundation on which to develop its own food brands. And Whole Foods shares climbed 29% to $42.68 Friday—more than the $42 deal price—indicating investors expect another bidder may emerge.

Source: Mint June 17, 2017 03:00 UTC