Whole Foods-backed chain to be geared towards millennials

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Whole Foods is launching a new complementary, tech-savvy store geared towards the millennial generation.

ABC News reported the new concept on Wednesday, which is being kept very hush-hush. What we do know is it will be targeting the younger shopper with cheaper pricing.

“We think a streamlined hip, cool, technology-oriented store unlike any store anybody has ever seen before that has lower capital, lower cost, perhaps little labor cost and lower prices is going to be very, very attractive to that particular generation,” Whole Foods’ founder and CEO John Mackey said.

The new stores will not be replacing Whole Foods, they will add to the brand — think back to when Abercrombie & Fitch launched Hollister. Both remained successful in their own niche.

Mackey announced the concept with minimal information because the company is already signing property leases. Instead of the info leaking out, he wanted to be the one to announce it.

The store concept will reveal its name before Labor Day.