Whole Foods (NASDAW: WFMI) is the worst performing supermarket chain in 2008, according to Geezeo’s Main Street Spending Index.
Whole Foods has had a cult like following amongst upscale urban professionals. Aspirational shoppers even mocked their own spending by nicknaming Whole Foods: “Whole Paycheck”. Given the economic instability though, customers are staying away from Whole Foods in droves.
The table below compares the drop in average consumer spending per visit at major retail grocery chains year-to-date. Whole Foods spending dropped 19% from January to October 2008. The winner was value-branded Stop & Shop (AHONY.PK) . Stop & Shop had a slim 1.54% decrease in customer spending. Not bad for an economically volatile year.
And the numbers get worse for Whole Foods.
Not only does Whole Foods have the biggest percentage drop in spending — their customers are also spending the least per visit of all stores compared. Bleak numbers for the high-end, healthy alternative.
Whole Food’s customers spent just $28.30 on an average visit in October. By contrast, a perceived “value retailer” like Safeway (NYSE: SWY) had the largest spending average at $44.83 per visit in October.
Publix (PUSH.OB) enjoyed the next largest spending average. The average user spent $41.86 per visit in October which is a 7.81% drop since January.
Stop & Shop closely followed with average spending of $41.60 per visit.
Spend per visit at popular supermarket chains:
Yes, Whole Foods appears to be in a whole lot of trouble.
Disclosure: no positions
