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Amazon to cut prices on Whole Foods staples like eggs, beef

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Posted at 8:08 AM, Aug 25, 2017
and last updated 2017-08-25 08:08:26-04

Amazon plans to use its deep pockets to make big changes at Whole Foods, saying it will cut prices on bananas, eggs, salmon, beef and more when it completes its $13.7 billion takeover next week.

Helping Whole Foods win back customers who found "good enough" organic and natural products elsewhere -- possibly at a lower cost -- fits Amazon's track record of keeping prices low to lock in customer loyalty. Looking ahead, Amazon hopes to give members of its Prime program special savings and other in-store benefits.

Analyst Neil Saunders of GlobalData Retail called it an "opening salvo" in the grocery wars and shares of other supermarkets fell sharply on the news.