As part of its second quarter earnings release, Whole Foods Market announced its plans to open a new chain of stores targeting millennial shoppers and offering lower prices as competition over natural and organic products from other chains increases.

“Offering our industry-leading standards at value prices, this new format will feature a modern, streamlined design, innovative technology and a curated selection,” said Walter Robb, co-chief executive officer of Whole Foods. “It will deliver a convenient, transparent, and values-oriented experience geared toward millennial shoppers, while appealing to anyone looking for high-quality fresh food at great prices.”

The company said it is currently building a team to lead the new concept and is negotiating leases with plans to open stores in 2016 followed by rapid expansion.

 Whole Foods did not announce a new name for the chain, but promised more details before early September.