Whole Foods Market Inc. said Thursday that its new "hip-cool technology-oriented" chain will be named 365 by Whole Foods Market, borrowing the name of its value brand.
The grocery store, known for expensive organic food, also announced an executive to run the new millennial-focused operation. The company said Jeff Turnas, a 20-year veteran with Whole Foods, will serve as president of the lower-cost 365 stores.
The stores are slated to open next year.
When Whole Foods announced the new chain in May it said stores would be geared toward the large population of 18- to 34-year-olds and offer all-natural food at lower prices.
But it revealed little else and its stock tanked. On Thursday, the Austin, Texas-based company didn't say much either, beyond revealing the new stores would carry the name of its 365 Everyday Value products.
"We are excited to introduce 365 by Whole Foods Market to bring healthy foods to even more communities with a fresh, quality-meets-value shopping experience that's fun and convenient," Turnas said in a news release. "A modern, streamlined design with innovative technology and a carefully curated product mix will offer an efficient and rewarding way to grocery shop."
Whole Foods shares were up 22 cents, or 0.5%, to $40.94 in morning trading.