'We've made three significant price reductions since the merger [with Amazon], and we have a fourth that we're beginning now,' Whole Foods CEO John Mackey told CNBC.
For Whole Foods, Mackey said taking a broad look at its business operations has created the space for the"You have to work on every detail of your business. You have to look at where you're spending your money. Amazon's brought new critical tools to Whole Foods to help us think it through — to cut down our shrink, cut down our spoilage, cut down our theft that's occurring," he said. "We're just bringing a more critical eye to our costs at Whole Foods.
Mackey noted Whole Foods has a minimum wage of $15 for employees, a policy implemented company-wide for Amazon's U.S. workers. "That's forcing us to be more productive. ... To partly compensate for that, we're doing some automation," he said, such as more self-service checkouts. He also alluded to other changes that "I'm not really free to talk about" and further technology integration between Whole Foods and Amazon.
Mackey said he believes the increased adoption of online grocery shopping will stick for some people. But he said he feels that "more and more people will return to their old patterns" as the health crisis subsides. He said, "There will be more people shopping online going forward than there were pre-Covid, but it'll be back to pretty much the way it was a year or two from now.
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