QUIZ: How Many Whole Foods Are There In The World?

whole foods tbi

The answer surprised us.

There are only about 300 Whole Foods locations. We would have guessed higher.

JPM analyst Charles Grom brings up this question in his latest note:

1,000 store capacity – 20+ years of growth remaining. At roughly 300 stores today, Whole Foods Market sees a market saturation point of approximately 1,000 stores and remains bullish on U.S. growth opportunities. Importantly, we believe this is the first time that Whole Foods has articulated a long-term store goal. This outlook is predicated upon (1) increased familiarity with the Whole Foods brand – not only in the U.S., but across Canada and in the U.K.; (2) an expanded focus on the Top 200 DMAs from the Top 50 previously with ample opportunity in the interior section of the country; and (3) a focus on smaller store sizes – 25,000-35,000 sq. ft. In addition to domestic growth, the company still sees meaningful opportunity on the international front. To be specific, with roughly $1.0 billion in sales in Canada and solid infrastructure/knowledge in place, management remains very bullish on growth prospects in the region and we expect to see a greater push outside of Vancouver and Toronto. Also, in London, recall WFMI recently signed two new leases and continues to see incremental improvement in the Kensington store.

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