The S&P 500 Food Retail index closed down nearly 5 percent as more than $10 billion was wiped off the market value of big food sellers. "Obviously the low-priced approach is in Amazon's DNA, and it's something Whole Foods has been struggling with for a quite some time".
Amazon said that starting on Monday it will cut prices on organic grocery staples such as bananas, avocados, brown eggs, farmed salmon and tilapia, baby kale and lettuce, some apples, butter and other products.
With lower prices for higher quality goods, Amazon is posing a direct threat to America's major supermarkets.
It could also pose a threat to other grocers and retailers.
Bringing Prime to Whole Foods will not only help bolster Prime loyalty, but it could bring many new customers to Whole Foods.
A ranking member of the Senate's Antitrust Subcommittee wants a top United States regulator to explain why it was so quick to approve Amazon's purchase of high-end grocery chain Whole Foods. Wall Street might come down on Amazon a little harder - might say they're over-leveraged, spending too much money, in a war with WalMart. "Long-term, this strategy works because the absolute profit dollars can still be significant".
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While Whole Foods does boast superior profit margins compared to many of its competitors, allowing Amazon to make some immediate price cuts, the two companies will need to innovate together in order to support ongoing price decreases.
"The reductions have, quite honestly, been haphazard and they've done very little to change peoples' perception of the company", said Neil Saunders, managing director of GlobalData Retail in NY.
As early as Monday you could walk into Whole Foods and see discounts on all of your favorite foods.
And if you're an Amazon Prime member it will only get better.
"Generally Whole Foods goes into markets with six-figure incomes and college-educated residents".
Going even further they intend to integrate your Amazon prime membership into the Whole Foods shopping experience.
"You have to be price relevant, and nobody wants to feel like they're being cheated", John Mackey, co-founder and chief executive of Whole Foods, said in a call with analysts in February.