Amazon.com Inc. (NASDAQ:AMZN) and Whole Foods Market Inc. (NASDAQ:WFM) will lower prices on a range of groceries on Monday to mark the closure of the internet giant’s US$13.7bn takeover of the grocer.
In a joint statement released after-hours on Thursday, the two Nasdaq-listed firms said they will cut the cost of items including avocados, bananas, organic baby kale and salmon.
They said the goal is to “make organic food more affordable for everyone.”
READ: Amazon to finance Whole Foods acquisition through monster unsecured loan note offering
The companies will also start to integrate Amazon Prime into Whole Foods’ point-of-sale system.
Jeff Wilke, CEO of Amazon worldwide consumer it “will make Amazon Prime the customer rewards program at Whole Foods Market and continuously lower prices as we invent together.”
The companies are also planning to invest in logistics and merchandising as a way to lower Whole Foods’ costs.
The retailers said they will hire additional staff as new stores open, and Whole Foods will continue to operate as that brand.
John Mackey will stay on as its chief executive and the Whole Foods headquarters will remain in Austin, Texas.