Whole Foods seeks to shed pricey reputation

According to a report from the Wall Street Journal, Whole Foods Market, Inc. will seek to shed its reputation for high prices by offering more traditional grocery discount schemes and lower-priced items such as frozen meatballs and vacuum-packed frozen fish. The shift in strategy comes as more players aimed at price-conscious consumers enter the organic and speciality grocery field.

"The recession was a wake-up call for us," says Co-Chief Executive Walter Robb. The store will offer more one-day sales and so-called "flash" sales, where a specific item is promoted on Twitter and Facebook and a sale lasts for a matter of hours.