NEW YORK (TheStreet) -- Whole Foods (WFM) is slowly taking the wraps off its new smaller, value-focused store concept that will take aim at Wal-Mart (WMT) and other rivals hawking more affordable organic food.
On Thursday, Whole Foods announced its new store would be called 365 by Whole Foods Market. The name is a reference to 365 Everyday Value, Whole Foods' main exclusive store brand.
Other details such as store design and initial markets for store openings were scant, likely to slowly build buzz leading up to the first round of openings in 2016. Whole Foods says the new stores will "offer convenience and everyday low prices on natural and organic products that meet the company's industry-leading quality standards."
According to a report from the Associated Press, Whole Foods sees potential for the store base of 365 by Whole Foods Market to reach 400.
Exclusive, generally more affordable products like 365 Everyday Value have been a big win recently for Whole Foods.
Exclusive brands generated approximately $1.8 billion in sales for Whole Foods in fiscal year 2014, accounting for approximately 13% of Whole Foods total retail sales and 18% of its non-perishable sales via about 4,400 stock-keeping units (SKUs). The 365 Everyday Value brand accounted for about half of its exclusive brand items, demonstrating the brand's popularity with organic food fans. 365 by Whole Foods is likely to feature several other exclusive brands found in a typical Whole Foods, such as Allegro Coffee, Engine 2 Plant-Strong, and Whole Foods Market.