Whole Foods' Ribs May Start to Show

Consumer spending is decreasing, and grocers like Whole Foods Market (WFMI Quote) are suffering hunger pangs.

Though Whole Foods is still popular among wealthy urban professionals, it's haunted by its old nickname: "Whole Paycheck." Consumers view Whole Foods as a luxury shopping destination -- and in this economic downturn they're looking elsewhere for their bread and butter.

The table below compares the drop in average consumer spending per visit at grocery retailers year to date. Whole Foods spending dropped 19% from January to October 2008, whereas value-branded Stop & Shop (AHONY Quote) had a slim 1.54% decrease in customer spending. Not bad for an economically volatile year. ...